Skip to main content

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...
Post a Comment

NNPCL- Nigerians: PMS Supply During Yuletide Period Is Guaranteed ; Targets 2trn profit increase



Kyari 


By Favour Ifeoluwa & Akinola Ajibade

Nigerians are not going to experience short supply of petroleum products during the upcoming Christmas and New Year Seasons, the Group Chief Executive Officer ( GCEO), Nigerian National Petroleum Company Limited, Mallam Mele Kyari has said. 

He disclosed this during a courtesy visit yesterday (Wednesday) to the Senate President, Godswill Akpabio in Abuja. 

According to him, the National Oil Company(NOC) has made a robust plan to supply Premium Motor Spirit (PMS), also known as petrol in the country beyond the ember months and the new year festivities. 

“By the creation of the National Assembly, NNPCL is saddled with the responsibility of guaranteeing Nigeria’s energy security which is critical to national security. We have made a robust plan for the forthcoming end of the year festivities and beyond. We do not see any shortages in the petroleum products supply for the period,” Kyari added.

He lauded the National Assembly for its critical role during the enactment of the Petroleum Industry Act (PIA) 2021, stressing that the legislative endeavour has given birth to a new commercially oriented National Oil Company (NOC) that is governed by the Company & Allied Matters Act (CAMA) principles.

Speaking further, Kyari stated that with the passage of the PIA 2021, NNPC's profitability margins have significantly risen, growing from a loss position of N803billion in 2018 to a profit position of N674billion in 2021.

Kyari noted that NNPCL is targeting a profit increase of N2trillion when the 2022 Audited Financial Statements (AFS) are released, adding that since July this year, the Company has started paying dividends to its shareholders.

He also said that the  company is involved in the entire value-chain of the oil and gas business and controls about 30% of the nation’s petroleum downstream retail market. 

While identifying crude oil theft and pipeline vandalism as major challenges to the Company’s business, Kyari said the recent collaboration with the nation’s security services as well as third-party security contractors have been yielding results, mostly in the area of increased crude oil production.

The GCEO said NNPC Limited. is investing in several gas and power projects across the country, aimed at supporting the Federal Government’s power generation and industrialisation aspirations.

He further assured that NNPC Ltd. is working assiduously to revamp local refining of petroleum products and collaborating with indigenous refiners to ensure that Nigeria becomes a net exporter of petroleum products.

In his response, the Senate President, Godswill Akpabio assured the GCEO of the 10th Senate’s support, saying that the Nigerian Parliament appreciates the Kyari-led management for its commitment to ensuring robust petroleum products supply during the yuletide period.

“Nigerians always want to hear good news. We are glad that you have made robust plans to provide sufficient products supply this coming festive period and beyond,” Akpabio stated.

The Senate President also lauded the rehabilitation of the nation’s three refineries, saying that their restreaming will cause a multiplier effect on Nigeria’s economy, in line with this administration’s Renewed Hope Agenda,” Akpabio observed.

 

Comments

Post a Comment

Popular posts from this blog

ICPC Will Not Hesitate to Deal Oil Racketeers

By Favour & Akinola Ajibade Oil racketeers will henceforth face prosecution and subsequently sentenced to prison, in the event that the decision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) stands by its decision to completely eradicate such activities in the country.  This happens as ICPC  secured a seven year conviction for  two fraudsters, Aso Adasa Morrison and Frank Biobarakuma recently.  The body in a statement signed by its spokesperson, Mrs. Azuka Ogugua and made available to the media, said the two suspects were first arraigned sometime in March 2013 before Hon. Justice B. A. Georgewill of Rivers State High Court 16 on a 17-count charge bordering on conspiracy, forgery and obtaining false pretence regarding transactions in crude oil in Nigeria  She said the court was informed of how the convicts and others at large between the month of March 2012 and February 2013 in Port Harcourt, fraudulently obtain...
Post a Comment
Read more

Tinubu Swears - In Idris, Umahi, Wike, Festus, Edun, 40 Others As Ministers

By Favour & Akinola Ajibade  President Bola Ahmed Tinubu, yesterday (Monday 21) sworn - in 45 ministers at Aso Rock Villa, saying they are welcome to the administration of renewed hope.  In his address, the President said the ministers  were carefully selected for the job, adding that their track records were good and excellent for the tasks assigned to them.  He admonished them not to see themselves as ethnic or tribal ministers but ” ministers of the Republic of Nigeria”. He challenged the appointees to hit the ground running from the moment they were sworn in. The ceremony that lasted two and half hours was anchored by the Special Adviser to Tinubu on Media and Publicity, Aguri Ngelale, by first reading the citation of the Ministers, followed by oath-taking , appended their signature on a register, proceeded for Presidential handshakes and picture with Mr President.
Post a Comment
Read more

SHELL PHOTOSTORY-2 ( LAKOWE GOLF COURSE, LAGOS

L-R: General Manager, Safety and Environment, Shell Nigeria, Elozino Olaniyan; Vice President Midstream, Henry Bristol; former Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Chike Onyejekwe; SNEPCo Managing Director, Elohor Aiboni and Shell Nigeria Vice President, Human Resources, Olukayode Ogunleye, at the Golf Kitty retreat organised for serving and retired leaders of Shell Nigeria at the Lakowe Golf Course, Lagos… recently. A cross section of serving and retired leaders of Shell Nigeria at the Shell Nigeria Golf Kitty Retreat held at Lakowe Golf Course, Lagos… recently.    
Post a Comment
Read more