Economy

NPDC to Raise Output to 500,000 bpd by 2020

Published

8 years ago

26/09/2017

By Dipo Olowookere

The Nigerian Petroleum Development Company (NPDC) has promised to raise the country’s crude oil output to 500,000 barrels per day by the year 2020.

At the moment, the upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) produces about 180,000 bpd.

A statement issued yesterday by NNPC said its flagship subsidiary was poised to grow its equity production by 2019, it should have hit 400,000 bpd.

Managing Director of NPDC, Mr Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC.

Mr Matashi said having attained the position as fifth largest Exploration and Production Oil Producer in the Nigeria, the NPDC was poised to efficiently manage its portfolios to achieve the new target.

“The NPDC has 55 percent equity in nine blocks of Oil Mining Lease (OML) 4, 26, 30, 34, 38, 40, 41, 42 and 55; Non-equity operations in three blocks of selected NNPC Joint Venture fields; 60 percent participatory interest in four blocks of OMLs 60, 61, 62 and 63 and 100 per cent ownership of seven blocks of OMLs 11, 13, 64, 65, 66, 111 and 119.

“In a nutshell, the company is involved in 29 concessions which comprises 22 OMLs and seven Oil Prospecting leases,” Mr Matashi submitted.

He explained that the company had varied interests in seven deep-water concessions and successfully executed a Global Memorandum of Understanding (GMoU) with communities in OMLs 30 and 34, adding that NPDC achieved a major feat by successfully drilling and completing five horizontal wells in nine months in OML 26, leading to production of an additional 7, 000 bpd.

The MD enthused that NPDC had successfully turnaround OML 40 asset from 0 bpd to 12, 000 bpd which underlined the company’s rising profile as the 7th largest owner and operator of Floating Production Storage and Offloading (FPSO) in Nigeria.

Mr Matashi added that NPDC also carried out some intervention activities which led to the peak production of approximately 10,000 bpd in OML 65 in June, 2017.

Mr Matashi declared presently, the NPDC was the biggest and largest gas producer in the country and was also the highest supplier of gas to the domestic market.

“NPDC aggressive gas pursuit since 2009 has also raised the company’s profile as the highest single supplier of gas to the domestic market with an average of 700 million standard cubic feet per day. The Utorogu Non-Associated Gas 11 plant was also completed recently adding 150 mmscfd; the Oredo 2 gas plant also adds 100 mmscfd and the successful re-entry of Odidi which led to an addition of 40 mmscfd of gas indeed represents a major achievement for the company and a step forward to achieving NPDC’s aspiration to become a serious global player in the E & P industry,” Mr Matashi averred.

The MD maintained that the NPDC as a responsible and responsive company had awarded scholarship to over 6,000 indigent members of its host communities which traversed host states, renovated and built block of classrooms, provided classroom furniture and offered employment opportunities in its areas of operation as a means of empowering the communities.

Mr Matashi applauded the Federal Government, the NNPC Top Management Committee (TMC) and the NNPC management for helping the company to take ownership of OML 13, disclosing that First Oil from that OML was expected by the fourth quarter of the year.

He stated that the greatest challenges of the company were the reoccurring infractions on its facilities and the incessant uprisings by some members of its host communities, adding that a holistic plan was being worked out to address the teething challenges.

Economy

FrieslandCampina, Okitipupa Trigger 0.64% Loss at NASD OTC Bourse

Published

7 hours ago

03/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.

During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.

Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.

As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.

Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.

Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.

At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.

CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.

Economy

Renewed FX Pressure Weakens Naira to N1,390/$1 at Official Market

Published

7 hours ago

03/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The value of the Naira dropped against the United States Dollar in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, February 2 by N3.81 or 0.27 per cent to N1,390.36/$1 from the N1,386.55/$1 it traded last Friday.

This was driven by stronger demand for forex at the official market, which outweighed to what was available to meet customers’ needs. But the local currency remained within the expected trading range.

In the same market window, the domestic currency further appreciated against the Pound Sterling during the session by N6.72 to close at N1,899.51/£1 compared with the preceding session’s rate of N1,906.23/£1 and improved against the Euro by N7.70 to trade at N1,644.52/€1 versus the previous trading day’s value of N1,652.22/€1.

In the parallel market, the exchange rate of the Nigerian Naira to its American counterpart remained unchanged yesterday at N1,465/$1 and at the GTBank FX counter, it also maintained stability at N1,419/$1.

The Naira is expected to remain relatively stable in the coming days, boosted by stronger FX liquidity, enhanced price discovery, and a gradual restoration of offshore investor confidence while Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to defend the Naira and stabilise the foreign exchange market, have continued to grow steadily.

Updated data showed that Nigeria’s gross external reserves printed at $46.18 billion as of January 29, 2026, reflecting an addition of $62.40 million.

As for the cryptocurrency market, it was bullish after a sharp weekend sell-off while a resurgent US Dollar index, which has logged its strongest two-day gain in nine months, threatened to keep gains in check.

Expectations that US Federal Reserve chair nominee, Mr Kevin Warsh, will be cautious on interest-rate cuts, along with upcoming US jobs data, are seen as potential drivers of further Dollar strength.

The biggest gainer for the session was Cardano (ADA), which rose by 6.2 per cent to trade at $0.2976, Ethereum (ETH) appreciated by 5.5 per cent to $2,319.80, Dogecoin (DOGE) grew by 5.3 per cent to $0.1066, Binance Coin (BNB) gained 4.8 per cent to sell for $776.00, and Solana (SOL) added 4.6 per cent to sell at $103.75.

In addition, Litecoin (LTC) improved by 4.5 per cent to trade at $59.95, Bitcoin (BTC) appreciated by 3.6 per cent to $78,445.62, and Ripple (XRP) expanded by 3.4 per cent to $1.60, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

NGX Index Records Marginal 0.01% Rise Amid Weak Investor Sentiment

Published

10 hours ago

03/02/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited managed to finish in the green territory on Monday after it marginally closed higher by 0.01 per cent.

The last minute escape from the bears was triggered by the gains posted by large-cap equities like Zenith Bank, Aradel Holdings and others, offsetting the losses recorded by GTCO, Oando, First Holdco and others.

According to data obtained by Business Post, only 29 stocks ended on the gainers’ chart, while 44 equities landed on the losers’ table, indicating a negative market breadth index and weak investor sentiment.

Universal Insurance rose by 10.00 per cent to sell for N1.32, Premier Paints appreciated by 10.00 per cent to N11.00, DAAR Communications improved by 9.93 per cent to N1.55, RT Briscoe increased by 9.92 per cent to N8.64, and Morison Industries advanced by 9.91 per cent to N10.98.

On the flip side, Omatek declined by 10.00 per cent to N2.70, Union Homes REIT declined by 9.96 per cent to N85.40, AXA Mansard shrank by 9.94 per cent to N14.31, Deap Capital decreased by 9.90 per cent to N8.46, and C&I Leasing moderated by 9.80 per cent to N6.90.

On the first trading session of this week, market participants bought and sold 762.8 million shares valued at N18.4 billion in 55,374 deals compared with the 687.4 million shares worth N15.0 billion traded in 41,553 deals last Friday, a spike in the trading volume, value, and number of deals by 10.97 per cent, 22.67 per cent, and 33.26 per cent, respectively.

Tantalizers ended the day as the most active stock with 88.5 million units sold for N329.4 million, Zenith Bank traded 40.2 million units worth N2.9 billion, Veritas Kapital transacted 39.2 million units valued at N92.1 million, Universal Insurance exchanged 29.3 million units for N38.1 million, and First Holdco transacted 27.6 million units worth N1.1 billion.

The sectorial performance yesterday showed that the mood of investors was in the sell region despite the slight growth recorded by Customs Street, as only the energy index closed in green, rising by 2.00 per cent.

The insurance counter was down by 1.99 per cent, the banking industry depleted by 0.64 per cent, the consumer goods shrank by 0.37 per cent, and the industrial goods retreated by 0.08 per cent.

When the first trading day of February 2026 ended on Monday, the All-Share Index (ASI) went up by 14.23 points to 165,384.63 points from 165,370.40 points, while the market capitalization chalked up N9 billion to finish at N106.162 trillion compared with the previous session’s N106.153 trillion.