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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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NNPCL commends Fed Govt over subsidy removal

Kyari


(By Favour &Akinola Ajibade)


The National Petroleum Company Limited NNPCL, yesterday, applauded the decision of the 
Federal Government to remove fuel subsidy completely in the country.
The Corporation said the development would pave way for the product availability in Nigeria.
This is coming on the heels of the announcement made by President Bola Ahmed Tinubu that payment of subsidy on petroleum products has come to an end in  Nigeria. 
The President made the statement, in Abuja yesterday ( Monday) while delivering his innugural speech as the 16th Commander-In-Chief of the Country's Federal Armed Forces.
According to him, subsidy can no longer justify its ever increasing costs in the wake of drying resources.
Similarly, the Company 's Group Chief Executive Officer( GCEO),  Mallam Mele Kyari  noted that the removal of subsidy on Premium Motor Spirit, PMS, also called petrol, which lead to cash flow in the sector and further optimise its operations.
He assured Nigerians of sufficient supply of the product, adding that NNPCL is also monitoring all its distribution networks to ensure compliance.
News Mirror, had in its earlier reports, said that the Federal Government will generate a minimum of N10trillion annually from the removal of petrol subsidy. The medium in a story attributed to the 
Chief Executive officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf,  noted the issue would lead to elimination of the Central Bank of Nigeria (CBN)-subsidised foreign exchange window. 
"Elimination of fuel and foreign exchange subsidy will save Nigeria a total of N10trillion annually (N7trillion and N3 million respectively). This coupled with the fact that the nation's 
foreign exchange policy reform would assist in unlocking  inflows of capital into the economy, reduce arbitrage in the forex market and improve transparency in the forex allocation. 
The  former Minister of State for Petroleum Resources, Timipre Sylva, in a separate analysis of the sector's growth, noted that the removal of subsidy  would save Nigeria over N1 trillion annually. 



















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