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...
Kyari 
By Favour Ifeoluwa& Akinola Ajibade
The Chief Executive Officer, Nigerian National Petroleum Company Limited ( NNPCL), Mallam Mele Kolo Kyari says the company has not made a Kobo from its pipeline, which is between Warri and Benin since 2001.
He said the company, as a result of this,has been redundant for the past 22 years.
Kyari, who confirmed this development during a session with Senators, expressed regrets over the problems rocking the nation's oil sector.
He lamented that the company had not been able to pump oil through pipeline from Warri to Benin in 22 years, stressing that over 5,000 kilometres oil pipelines in the country are not working, due to vandalism.
Speaking Kyari during an interactive session with the Senate Committee on Petroleum (Downstream), Kyari added that the vandalism carried out on over 5,000 kilometers of oil pipelines by vandals across the country has become a national calamity.
He promised that the nation’s four ailing refineries would resume operation soon, adding that 10 million litres of oil was lost to pipeline vandalism.
He said: “Over 5,000 kilometres oil pipelines in the country are not working. As a result of pipeline vandalism, 10 million litres of oil were lost from volume pumped from Aba to Enugu at a time.
“The company has been unable to pump oil from Warri to Benin within the last 22 years and can not connect to Ore .
“There is no amount of security measures that had not been taken to curb the crime without success, which to us in NNPCL, is substantially a national calamity.”
The company is embarking on massive replacement of the pipelines, which, aside being vandalised, are old and obsolete.
He explained further to the committee that deregulation of the oil sector and, in particular, subsidy removal carried out in May this year has turned NNPCL into a profitable company .
He explained that the company made a loss of N802 billion before 202 deregulation, stressing that NNPCL recorded profit in excess of N687 billion after deregulation in 2021
He added that while 67 million litres of oil was consumed per day during the era of subsidy regime, average of 55 million litres are being consumed on daily basis now, just as the problem of smuggling the product across border, has become things of the past .
In their remarks, the Chairman of the committee, Senator Ifeanyi Ubah (APC Anambra South) and other members, said that proper dissection of challenges facing the sector would be better made in a retreat.
Senator Seriake Dickson (PDP Bayelsa West) told the NNPCL boss to look critically into the surveillance security contract the company is operating as regards non inclusion of some oil producing areas .
He said: “Some local governments in Bayelsa State like Sagbama where i come from are not covered by the contract with attendant consequences.”
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