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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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Fed Govt Urged To Declare State Of Emergency On Ailing Refineries


By Favour & Akinola Ajibade


The Federal Government owned ailing refineries will return to optimal performance, once a state of emergency on them, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria ( PETROAN), Mr Billy Gillis Harry, has said. 

They are Warri, Port Harcourt 1&2 and Kaduna refineries.  

While speaking to newsmen in Port Harcourt, Rivers state capital, Harry said a state of emergency remains the only antidote to make the refineries work in order to meet up with in-country capacity and further address high fuel prices.

According to him, the problem of price hike will not end anytime soon, until all the refineries in the country become operational.

He said: “The main way out is to declare a state of emergency on all the four refineries. The refineries should be revamped, rehabilitated and made to function.

“Now that we have Sen. Heineken Lokpobiri as Minister of Petroleum, we will interface with him on this issue, on what needs to be done and we hope to get answers.

“Our refineries must work, in-country refining capacity must increase. Modular refineries of 10,000 barrels per day and above should be encouraged to be assembled in Nigeria in order to be able to meet the petroleum products consumption in Nigeria.”

On the issue of rumoured fuel price hike, the PETROAN boss, who said that only fuel importers can confirm the rumours, however, appealed to Nigerians not to indulge in panic buying to avert the issue of fire explosions.

“There is a rumour of fuel price increase but it’s only a rumour and not a fact. It’s only when importers tell us that the landing price has been affected by forex or cost in logistics, that’s when we will know.

“However, we will advised that members of the public should not engage in any panic buying based on the rumour, because your life is important, since petrol is a very volatile product that can easily be inflamed.

“However, prices will continue to fluctuate so long as we (Nigeria) are import dependent, prices will either go up or come down depending on the purchasing power of the Naira over Dollar,” he said

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