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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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Oil heading for biggest weekly loss in 2023


By Akinola Ajibade


Oil,  yesterday, suffered the biggest loss,  following banking turmoil across global markets, with investors watching for a potential response to the rout from OPEC and its allies.

West Texas Intermediate(WTI) futures rose above $69 a barrel on Friday, but are still down about 10% for the week. 

The  development made the Organisation of Petroleum Exporting Countries  OPEC + chiefs from Saudi Arabia and Russia to meet in Riyadi yesterday( Thursday) to discussed ways on how to “promote market balance and stability.”

Also, the cartel's monitoring committee, which can recommend a change in production, agreed to  meet on the issue on April 3rd.

OPEC+ will likely sit tight and monitor the market unless Brent drops below $70 a barrel for a sustained period, according to industry consultant FGE, while Energy Aspects said the producer group will probably wait for financial markets to calm before deciding whether to react.

Troubles at Credit Suisse Group combined with options covering to drive oil to its lowest level in 15 months this week. While markets are starting to see some stability, investors will also be watching to see if the Federal Reserve will hike interest rates again next week following the turmoil.

“External factors continue to dictate price action for oil,” said Warren Patterson, head of commodities strategy for ING Groep NV. “The scale of the selloff in oil will likely be a concern for OPEC+, but they are unlikely to take quick action, instead they will probably wait for the dust to settle.”

Oil may struggle to make robust gains in the near term, with OPEC this week forecasting a modest surplus in the second quarter, a typical period of soft demand before the summer. The International Energy Agency also said that the market was already in surplus on stubborn Russian outpu

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