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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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NEITI Sets To Determine The Quantity of PMS Consumed In Nigeria


By Favour & Akinola Ajibade


The Nigeria Extrative Industries Transparency Initiative  NEITI 's Executive Secretary, Dr Orji Ogbonanya, says the body is conducting  a study  in order to determine the quantity of Petroleum Premium Spirit ( PMS) consumption and how the 13 per cent derivation is spent or utilised in the country. 

He said the development is necessary, in order to know how well the country uses fuel and crude oil by extension.

He said this is one of the priorities, which the group has set for itself and the country in particular, as part of efforts to ensure proper usage of the proceeds of the national oil and gas sectors. 

He however, fails to state categorically when and how the objectives of the priority areas are going to be achieved by NEITI. 

Speaking during a stakeholders conference organised by NEITI in Abuja, Ogbonanya said that the country's  energy sector holds a substantial value to the Federal Government since it provides a veritable source of income for the implementation of fiscal programmes and policies, adding that the development informed the decision of NEITI to conduct 2022 -2023 industry reports in the oil and gas mining sector, with a view to ascertain the level of development in that segment of the economy vis-a-vis how well it can be positioned for growth.

Others include the need to link NEITI Reports to revenue growth and impact and updated data and information on all financial liabilities (outstanding revenue remittances to the federation) to support government’s revenue mobilization for development and upgrade of infrastructure.


 

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