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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 Deactivates 6, 465 Illegal Refineries'

Kyari 

By Favour Ifeoluwa & Akinola Ajibade


The Nigerian National Petroleum Company Limited (NNPCL) has in the last two years, deactivated a total of 6,465 illegal refineries, its   Group Chief Executive Officer (GCEO), Mele Kyari, has said. The period is between 2022 to 2024..

He stated this yesterday ( Wednesday) during an oversight visit by the House of Representatives Special Committee on Oil Theft, to the headquarters of NNPCL in Abuja.

Kyari, who decried the menace of oil theft, said no country surrenders the protection of such critical assets, which are our source of income, to non-state actors.

He said, “It is very obvious that despite all the integrity issues with our pipeline and our facilities, we have capacity beyond 2 million barrels per day without doing anything.

“But today, we are struggling to meet the budget estimate of 1.6 million barrels per day. This by no means is related to crude oil theft; no, it’s not true, but the core issue that is affecting the other core issue is crude theft.No one will produce oil, knowing fully well that he cannot dispose of it, and that’s why no one is putting money into it.

Illegal refinery in Nigeria

In 2022, it became so obvious that if something dramatic is not done, we are going to run into trouble. On a specific date, our production came down to as low as 1.1 million barrels per day.

And on a particular date, we have gone below a million barrels to explain this except for the infraction and especially the oil thieft. “

The Chairman of the Special Committee, Alhassan Ado-Doguwa, while speaking during the visit, said it is disheartening that infractions on oil facilities do not stop with the pipelines. He noted that there are also breaches at the oil well heads, flow stations, loading, and export terminals, among others.

“We are compiling the facts and figures. Instances where approvals are hastily granted to vessels involved in crude theft just to cover official complicity are reported.  Incidences of undeclared liftings are noted, and all these and several other infractions, particularly in our offshore marine environment, contribute to the huge volume of crude oil theft being reported,” Doguwa stated.

Prior to his appearance before the House, Kyari has revealed progress made by Tanita Security outfit, a private security company owned by Government Ekpemupolo, popularly called Tompolo, on oil theft including efforts also made by Nigerian Navy and other security agencies in tackling the menace.

 

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