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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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Acute Fuel Shortage Likely Soon, as NNPCL Orders Marketers To Pay N6b-N7b Before Lifting Products


Nigerians may witness acute shortage of fuel soon, if the N6billion to N7billion, which the Nigerian National Petroleum Company Limited ( NNPCL) requested from marketers before they can lift fuel is anything to by, the News Mirror has learnt.

This amount, industry sources is in addition to the payment already made before the increase in the price of Petrol. 

Sources further said that if this amount is paid,  the idea would  balance up the financial requirement from the marketers to complete the transactions and then supply fuel to the public.

Presently, many marketers have exhausted the fuel they have in their depots and want to replenish them, but, with this development, some of them are having an uphill task in doing so as they are not able to raise the necessary money yet to pay NNPCL.

It was gathered that some of the oil companies have already lost money to ship owners that have been paid but could not do trans-shipment on account of the marketer’s inability to make the necessary payment yet.

This matter is made worse by the inability of banks to look at the sides of the marketers, considering their experiences in the the sector sometimes ago.

Recall that many banks at a point, were finding it difficult to recoup the loans given to marketers in the industry, a development, which sent signals to them not to fiddle with depositors' funds, which form a major part of their investments.

With the industry stakeholders, especially marketers facing this problem amid difficulties in getting out of it,  issues bordering on subsidy payment and its suspension, outrightly, cropped up to compound the sector's woes.

President Bola Ahmed Tinubu, the 16th Commander-In-Chief of the Armed Forces, added to this problem in its innugral address on May 29th this year, when he reiterated plans to remove subsidies, which the government has sunk billion of naira into year-in year out. 

Expectedly, Nigerians, reacted negatively to this address. Not only did marketers sell fuel at a very extirbitant prices, NNPCL, which remains the State Company, came out with new price regime, a development, which led to the sale of fuel at N500 per litre with its attendant challenges.

Meanwhile, the Federal Government and the leadership of Organised Labour such as the Nigerian Labour Congress (NLC), Trade Union Congress ( TUC) are yet to end the rifts between them.




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