By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has signed a Petroleum Exploration Licence (PEL) No. 5 agreement with SeaSeisGeophysical Limited, paving the way for a major offshore data acquisition project aimed at boosting oil and gas exploration.

The agreement, executed in Abuja, authorises SeaSeis, in partnership with global data firm TGS, to undertake the acquisition and processing of new 3D seismic and gravity data.

The PEL 5 project spans approximately 11,700 square kilometres offshore the Eastern Niger Delta, covering water depths ranging from 400 to 2,800 metres.

The initiative is expected to enhance subsurface understanding, improve prospectivity, and support more efficient development of Nigeria’s hydrocarbon resources, in line with provisions of the Petroleum Industry Act (PIA) 2021.

Speaking at the signing ceremony, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the licence underscores the commission’s commitment to data-driven exploration, transparency, and long-term value creation for the country’s oil and gas industry.

She noted that the project would provide critical geological data needed to attract investment and unlock new opportunities in Nigeria’s upstream sector.

In his remarks, the Managing Director of SeaSeisGeophysical Limited, Mr Goke Adeniyi, described the PEL 5 project as the company’s largest in Africa, highlighting the vast potential within Nigeria’s offshore energy landscape.

The partnership is expected to strengthen collaboration between regulators and industry players while advancing efforts to optimise resource development and sustain growth in the sector.

Recall that the upstream oil sector regulator is slashing the time it takes to approve applications to revive idle oil wells from weeks to hours as Nigeria, which is Africa’s top crude producer, seeks to take advantage of high energy prices triggered by the conflict in the Middle East.

The country is also fast-tracking approvals for evacuations and barges at production facilities and export terminals to let barrels get to buyers quickly, as buyers turn to suppliers such as Nigeria and Angola on the African continent.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.41 per cent on Wednesday, March 25, with the market capitalisation adding N35.04 billion to close at N2.512 trillion versus the previous session’s N2.477 trillion, and the Unlisted Security Index (NSI) expanding by 58.55 points to 4,198.85 points from 4,140.30 points.

The growth came amid a weak investor sentiment, as the OTC securities exchange recorded two price gainers and three price losers.

The advancers were led by Okitipupa Plc, which chalked up N25 to sell at N275.00 per share compared with the previous day’s N250.00 per share, and Central Securities Clearing System (CSCS) Plc grew by N7.43 to N86.37 per unit from N78.94 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc lost N7.04 to sell at N101.13 per share versus Tuesday’s closing price of N108.73 per share, Geo-Fluids Plc went down by 9 Kobo to N2.89 per unit from N2.98 per unit, and Industrial and General Insurance (IGI) Plc dipped 3 Kobo to 50 Kobo per share from 53 Kobo per share.

Yesterday, the volume of securities rose by 135.6 per cent to 2.2 million units from 933,125 units, the value of securities increased by 2.4 per cent to N46.7 million from N45.6 million, and the number of deals grew by 27.6 per cent to 37 deals from 29 deals.

The most active stock by value on a year-to-date basis was CSCS Plc with 39.1 million units exchanged for N2.4 billion, followed by Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion, and Okitipupa Plc with 6.5 million units traded for N1.2 billion.

The most traded stock by volume on a year-to-date basis was Resourcery Plc with 1.1 billion units worth N415.7 million, followed by Infrastructure Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 132.9 million units transacted for N510.7 million.

By Adedap0 Adesanya

The value of the Naira fell against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, March 25, by N4.07 or 0.29 to N1,386.70/$1 compared with Tuesday’s closing price of N1,382.63/$1.

This was due to forex demand pressure without substantial supply from the Central Bank of Nigeria (CBN) and other sources. Lately, the central bank has not conducted any FX sales to eligible financial institutions, where Bureaux de Change (BDC) operators are allowed to access $150,000 weekly.

Also, in the official market, the Nigerian Naira depreciated against the Pound Sterling at midweek by N7.52 to close at N1,856.38/£1 versus the previous day’s N1,848.86/£1, and retreated against the Euro by N5.82 to trade at N1,605.80/€1 versus N1,599.98/€1.

The domestic currency further lost N3 against the greenback at the GTBank FX desk yesterday to sell for N1,391/$1, in contrast to the preceding session’s N1,388/$1, and at the black market, it depreciated by N5 to quote at N1,405/$1 compared with the N1,400/$1 it was exchanged a day earlier.

The prolonged conflict in the Middle East continues to heighten risk aversion, reducing appetite for emerging-market assets despite Nigeria’s attractive yield environment, which could help sustain offshore inflows and support the local currency in the near term, though structural challenges remain.

The country is making efforts that could help shield it further, including reviewing timelines for approval of resuscitation of moribund oil wells and boosting production, which accounts for over 60 per cent of FX earnings.

As for the cryptocurrency market, it was under pressure on Wednesday, as implied volatility and weakening suggest geopolitical risk concerns remain as macro headlines remain in focus.

Dogecoin (DOGE) depleted by 3.8 per cent to $0.0937, Solana (SOL) depreciated by 3.5 per cent to $89.10, Cardano (ADA) dipped 2.4 per cent to $0.2621, Ethereum (ETH) went down by 2.2 per cent to $2,117.47, Ripple (XRP) slumped 1.9 per cent to $1.38, Bitcoin shrank by 1.5 per cent to $70,012.58, and Binance Coin (BNB) dropped 1.4 per cent to sell for $634.82.

However, TRON (TRX) appreciated by 2.3 per cent to $0.3144, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.