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
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.
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