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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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Nigeria Loses &46.16b To Theft And Sabotage


By Favour & Akinola Ajibade


Nigeria has lost $46.16billion to crude oil theft and sabotage within eleven years, the Executive Secretary, Ngerian Extractive Industries Transparency Initiative (NEITI), Dr Ogbonanya Orji has said. 

He said the figure translates to N16.25 trillion and loss of 619.7million barrels of crude oil, adding that the figure amounts to a loss of over 140,000 barre8 of crude values at $10.7 million daily.

Speaking during a  two day Stakeholders’ with the theme: " Roundtable for the review and approval of NEITI Audit reports in Abuja, Ogbonanya also said the country spent $74.39billion on payment of subsidy between 2005 and 2021.

He said NEITI will release the 2021 audit report of oil,gas, mining and solid minerals sector first week of September 2023.

He said that the industry reports covered a total of 69 companies and 12 government agencies, one state owned enterprise for the oil and gas reports while a total of 1214 companies with three government agencies were covered in the report of the solid minerals sector.

“The 2021 NEITI Industry Reports of the oil gas and mining industries covered a total of 69 companies and 12 government agencies and one state owned enterprise for the oil and gas reports while a total of 1214 companies with three government agencies were covered in the report of the solid minerals sector.

“The objectives of the reports were to establish the quantities of minerals produced, utilized in the country. The reports also sought to establish the revenue paid by oil, gas and mining companies and how much of such revenues were actually received into government coffers.

“Other areas of focus by NEITI are to identify investments made by the Federation or the Federal Government in the oil, gas and mining industries, track subsidy payments, company remittances and liabilities.

“The processes followed especially an the basis for computation ang remittances of ali revenues payable to governrgent such as taxes, royalties and rents are equally of interest to NEITI.

“We hope that after this review and approval process, the independent Auditors who are part of this meeting wilt in collaboration with the NEITI staff reflect your Comments, observations and remarks in the reports before they are finalized and released.

“So far, NEITI has conducted a total of thirteen cycles of reconciliatory reports in the oil and gas sector and eleven cycles of reports in the solid minerals sector. These reports have disclosed a total revenue earnings to government of $741.48 billion from the oil and gas sector and N635.3 billion from the solid minerals sector”. End


 

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