Skip to main content

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...
Post a Comment

Nigeria's crude will reach 2m bpd this December, says Kyari


The Group Mallam Mele Kyari


By Favour & Akinola Ajibade 


The Group Managing Director, Nigerian National Petroleum Company Limited ( NNPCL), Mallam Mele Kyari, yesterday, said that the country's crude oil production will reach between 1.8 million barrels per day to 2million barrels per day by December 2023.

He said this during an interview on Channels Television, a Lagos based broadcasting outfit.

According to him, Nigerians must understand that when it comes to crude oil production, condensates are just as important as crude oil and should also be classified as liquids, adding that they up to the country’s overall production output.

“The budget of this country is based on the cumulative production of our crude oil and condensates Mind you, sometimes, these condensates are more expensive than the crude oil, so it’s the total liquids we are dealing with.

“The total number of liquids as of today is up to 1.6 million barrels per day. We have a line of sight, by the end of July, we will hit 1.8 million barrels per day, and we will hit 2 million barrels per day by the end of December.”

He further stated that President Tinubu has already instructed the security agencies to tackle all security threats and the additional layers of intervention as well as increased investments will enable Nigeria to realize these oil production goals.

During the interview, Kyari said that when the Dangote Refinery starts churning out products, they will be transported across the country using trucks. He highlighted the fact that the Port Harcourt, Warri and Kaduna refineries will come onstream by the end of the year.

“We did have some supply chain issues which is a global problem. There is a crisis in the global marine sector. Getting products to the locations is a huge challenge and we had some delays in the delivery of some of our equipment.

“However, the ambition is to get all our refineries working and the net effect is that this country will become an exporter of petroleum products,” Kyari stated.

In April 2023, Nigeria produced 998,602 barrels per day of crude oil, 66,317 barrels per day of blended condensates, and 180,110 barrels per day of unblended condensates. These figures make up 1.2 million barrels per day recorded for the month of April 2023.

Meanwhile, the country continues to face oil production threats ranging from the shift to renewable energy which has resulted in a lack of oil-centric investments, economic, political, and security risks, crude production sabotage as well as pipeline vandalism, and technical issues.

Comments

Post a Comment

Popular posts from this blog

'Nigeria Needs Carbon Emission Reduction To Diversify Energy Portfolio'

SNEPCo Wins Awards  By Favour & Akinola Ajibade Nigeria will be able to reduce carbon emission caused by fossil fuels production, once its  renewable energy portfolio, is diversified, Shell Nigeria Exploration and Production Company (SNEPCo) Managing Director Mrs, Elohor Aiboni has said.  According to her, Nigeria would meet the energy needs of its growing population of over 200 million people, once it encourages Public-Private Partnerships in renewable energy, adding that the development would enable her to overcome high investment costs and limited access to financing. She spoke in Lagos, during the 41st annual International Conference and Exhibition of the National Association of Petroleum Explorationists (NAPE). The event was organised for her and  other senior officials of the company.  SNEPCo's Managing Director, Alboni  At the event are officials of SCiN) and their various awards. There,SCiN won the Best Exhibitor and Plat...
Post a Comment
Read more

SHELL PHOTOSTORY-2 ( LAKOWE GOLF COURSE, LAGOS

L-R: General Manager, Safety and Environment, Shell Nigeria, Elozino Olaniyan; Vice President Midstream, Henry Bristol; former Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Chike Onyejekwe; SNEPCo Managing Director, Elohor Aiboni and Shell Nigeria Vice President, Human Resources, Olukayode Ogunleye, at the Golf Kitty retreat organised for serving and retired leaders of Shell Nigeria at the Lakowe Golf Course, Lagos… recently. A cross section of serving and retired leaders of Shell Nigeria at the Shell Nigeria Golf Kitty Retreat held at Lakowe Golf Course, Lagos… recently.    
Post a Comment
Read more

NUPRC Is Not Leaving Abuja As Erroneously Speculated

By Ibrahim Musa With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licenses and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry. The NUPRC also has the mandate to monitor operations to ensure that they are in line with national goals and aspirations, including those relating to Natural Gas Flare elimination & monetization, Domestic Gas Delivery Obligations and Domestic crude oil supply obligations and ensures that Health Safety& Environmental regulations conform to national and international best oil field practice. The agency fu...
Post a Comment
Read more