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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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NMDPRA to Fuel Outlets: Accept Payment through PoS or Face Sanctions

Fuel scarcity


By Favour Ajibade


The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), yesterday, says it would sanction any retail outlet, which, rejected  payment for fuel through Pont of Sales( PoS) machines. 

The body, hitherto known as Department of Petroleum Resources( DPR) said this in a statement made available to the media. 

In the statement, signed by its General Manager Corporate Corporations and Stakeholders Management, Kimchi Apollo, the agency attributed the development to the on-going cash crunch, a fall out of naira redesigning policy and the subsequent failure of the Central Bank of Nigeria (CBN) and  Deposit Monetary Banks ( DMBs) to issue new and old naira notes. 

The statement further said NMDPRA and the security agencies will henceforth be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned.

The statement added:”It has come to the attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that some retail outlets are not accepting the use of Point of Sale (POS) machines at their filling stations due to the recent cash crunch brought about by the new Naira design.

“The Authority frowns at this recent behaviour which is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the Government in the transition to the new Naira.

“All retail outlets are directed to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers at this critical time.

“The Authority and security agencies will be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned.

“We reassure the general public of our commitment to ensuring good quality service in the sale and distribution of petroleum products nationwide” reads the statement in parts




 

The warning follows reports that some retail outlets rejecting the use of POS machines at their filling stations due to the recent cash crunch brought about by the new Naira redesign.

The agency in a statement,disclosed that the Authority and security agencies will be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned.

Kimchi Apollo,the General Manager, Corporate Communications and Stakeholders Management,


quoted the Authority to have directed all retail outlets to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers at this critical time.

The statement added:”It has come to the attention of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that some retail outlets are not accepting the use of Point of Sale (POS) machines at their filling stations due to the recent cash crunch brought about by the new Naira design.

“The Authority frowns at this recent behaviour which is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the Government in the transition to the new Naira.

“All retail outlets are directed to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers at this critical time.

“The Authority and security agencies will be at retail outlets to ensure compliance with this directive and any filling station found violating this directive will be duly sanctioned.

“We reassure the general public of our commitment to ensuring good quality service in the sale and distribution of petroleum products nationwide” reads the statement in parts

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