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...
The World Bank says Nigerians will pay N750 per litre of Premium Motoring Spirit (PMS) otherwise known as fuel, if prices are truly not reflecting cost and the current exchange rate.
Recall that the rate is rose to N796 today Thursday from its lowest price of N447 in January 2th January this year. The local currency ( Naira) has for sometime been fluctuating against United States dollar.
Speaking during his presentation of Nigeria's Development Update, December 13th edition in Abuja, the bank’s Lead Economist for Nigeria, Alex Sienaert said in paper titled: Turning The Corner (From Reforms& Renewed Hope, To Eesults)’ and delivered in Abuja, that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.
He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.
“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.
“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”
Sienaert noted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.
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