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...
By Favour & Akinola Ajibade
Oil marketers have kicked against the decision of the Federal Government to reintroduce oil subsidy regime in Nigeria, saying that the idea will further affect the economy.
They are drawn from groups such as Major Oil Marketers Association of Nigeria (MOMAN), Independent Marketers Association of Nigeria (IPMAN) among others. They spoke during the recent Nigeria Association of Energy Correspondents( NAEC) International Strategic Conference 2023, held in Lagos.
Speaking against the backdrop of hitches in the distribution of Petroleum Motoring Spirit ( PMS) in the country, the Managing Director of 11 Plc, Mr Tunji Oyebanji urged the sub-sector to address the issue of limitations in the importation of fuel must first come to an end, if meaningful growth would be achieve in that sector.
“First and foremost, we need to get ourselves out of the bottleneck we have created for ourselves, in which NNPC is the sole importer of fuel in Nigeria,” he said.
Also, the Chief Executive officer (CEO) and Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr Clemens Isong noted that the previous subsidy arrangement had an arduous effect on the economy, noting that there is still “subsidy in some areas”.We must not go back to it,” he said.
He reasons that opportunity exists in the short term to limit rising costs of the product for Nigerians as the country transitions away from the subsidy regime.
“So, essentially, where are we today? Is the market fully deregulated? The short answer is yes,” he said.
On his part, the CEO of Axxela, Mr Bolaji Osunsanya, said fuel like every other commodity should be allowed to float in the market. Represented by Fisayo Duduyemi, the company’s chief strategy, Odunsanya said there opportunities, which investors in the market would greatly explored.
“So, even though there may be some fluctuations, it is a better situation to have, because that will then bring some investors into the game to look at those opportunities for them to invest,” he said.
Recall that President Bola Ahmed Tiinubu on May 29, 2023 announced that the subsidy regime was over. This was followed by sharp increase in the pump price of fuel to N617 per litre in the federal capital territory (FCT), in July, following the statement.
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