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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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NNPCL To Pay Taxes & Royalties From $3.3b Afrexim Loan


NNPCL's Group Chief Executive Officer, Mallam Mele Kolo Kyari

 The Nigerian National Petroleum Company Limited(NNPCL) says it would repay future royalties and taxes to the Federal Government from the $3.3bn financing deal it got from African Export-Import Bank in 2022. 

The national oil company, said this in a document titled: Frequently Asked Questions – Project Gazelle’, released by its Chief Corporate Communications Officer, Olufemi Soneye on  August 17, 2023.

Recall that NNPCL in a report published by PUNCH Newspaper, announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank.

The company further said that the loan would be used  to help the Federal Government stabilise  Nigeria’s exchange rate. 

Speaking further on the deal as contained in the document, the firm said: “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle. There has been a lot of interest from the public and stakeholders in recent weeks regarding the $3.3bn crude oil pre-payment loan, also known as Project Gazelle. This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.” The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan.

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