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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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NNPC Declares Revenue Of N4.5Trn, Eyes More ' Dividends


The Nigerian National Petroleum Company Limited (NNPCL)  has a generated a total sum of N4.5 trillion revenue as at October this year, its Group Chief Executive Officer, Mele Kyari said this in Abuja.

He spoke yesterday ( Wednesday) during an interactive session with the Senate Committee on Finance.

According to Kyari, the NNPCL generated the N4.5 trillion as revenue for the federation for 2023 as at October.

He said better days were ahead, adding that reforms contained in the Petroleum Industry Act (PIA) for the oil sector had placed the company at par with its peers across the globe.

“The NNPC Limited that as a creation of the National Assembly, requires that that the company  conducts its business transparently in line with provisions of the law.

“And to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.

I’m glad to inform you Mr Chairman and Distinguished Senators, that as at October, we are able to deliver N4.5 trillion into the federation account as a company  in 2023.

“Every national oil company has a trading firm.. We have always had one, which never worked prior to PIA Implementation.

“Currently, NNPC Limited is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore,” Kyari said.

Continuing further, he said the He went company had been expanding in business like most National Oil Companies in Africa.

Kyari said the sector would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows were narrowed.

“There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

“But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.

“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market,” he said.

Meanwhile, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed plans by the federal government to audit the accounts of the Nigerian National Petroleum Company Limited (NNPCL).

Recall that Edun made said this at the release of the latest World Bank Nigeria Development Update on Wednesday in Abuja.

While insisting on the necessity for rigorous scrutiny, Edun stressed the government’s eagerness to ensure revenue inflows from the NNPCL and other revenue generating agencies.

“There will be earnest scrutiny and I am sure NNPCL is getting ready for that.  We want revenue to come into the government coffers from NNPC and all other revenue agencies.

“The last two ministers of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public,” the Minister said.

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