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...
By Favour Ajibade
Queues have disappeared at filling stations within and outside Abuja, as the Nigeria's Federal Capital Territory ( FCT) as the Nigerian National Petroleum Company Limited( NNPCL) supplied 67 million litres of fuel to marketers in the area.
States such as Niger, Kogi, Kebi, etc have heaved a sigh of relief as NNPC pumped fuel to marketers in those places.
The affected marketers include Nipco, NNPC, Salbas ,and a few others on the busy Kubwa-Zuba Expressway, which are dispensing products to motorists seamlessly. However, this was not the case on Tuesday and other days.
Also, outlets in Nyanya, Nasarawa State, and Zuba, Niger State, sold products to motorists and had no queues on Wednesday, contrary to what obtained the preceding day, where there were very limited filling stations in operation.
Virtually all the major filling stations that used to have heavy queues before were seen without queues on Wednesday, as most of them dispensed petrol to the cars sighted in their various outlets.
The Group Chief Executive Officer (GCEO) of NNPC, Mallam Mele Kyari, pointed out that fuel supply data for Nigeria to stakeholders that “Anytime we go down below 60 million litres of evacuation consistently for more than three days, we’ll have a crisis across the country.”
Kyari stated further, “We know that there may be no valid so-called consumption figure, but we know the evacuation figure. Anytime the evacuation figure goes below 60 million litres daily, you’ll have a crisis.
“Remember, early in 2022, when we had the contaminated fuel, evacuation came down to 56 million litres on average, and we had a crisis. We managed to ramp up by adding volumes to the market to fill the gaps. So we achieved normalcy.
“I recollect, in October, when the flooding happened, trucks could not go to their destinations, particularly moving from the South into the North and our evacuation went below 60 million, and you can remember what happened.”
Kyari stated that since then, NNPC had done everything possible to keep the supply or evacuation above 60 million litres consistently, as he argued that there was no shortage of fuel going into the market, rather the products might be in the wrong destination.
“One thing that is also very practical is that Nigeria’s fuel is smuggled to other countries. This is not a secret. But it can only be done by either all of us in this room or people buying from us,” he stated.
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