Economy

Oil and Gas Export Receipt Rises 184% in June 2020

Published

5 years ago

23/08/2020

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 184 per cent in the total crude oil and gas export receipt, amounting to $378.4 million in June 2020 as against $133.2 million it posted in May 2020.

This signalled an improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.

The NNPC in a release by its Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, stated that petroleum receipts for the month reflected crude oil earnings of $230.7 million, with gas and miscellaneous proceeds standing at $75.9 million and $71.8 million, respectively.

The release explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted, was the 59th in the series.

The report, which was released in Abuja on Sunday, put total crude oil & gas export receipts for the period: June 2019 to June 2020 at $4.6 billion.

In the downstream sector, the NNPC monthly report said in order to ensure a continuous supply and effective distribution of petroleum products across the country in June 2020, 1.3 billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

According to the national oil company, the figure was significantly higher than the 950.7 million litres of white products sold and distributed in May 2020, reflecting an advantage following the gradual ease of the lockdown in the country and the picking up of business activities.

A breakdown of the June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit (PMS), 5.1 million litres of Automotive Gas Oil (AGO) and 1.7 million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.

White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.1 billion litres, with PMS accounting for over 18.9 billion litres or 99.4 per cent.

In monetary value terms, the above volumes translated to a total sale of N134.2 billion of white products by PPMC in June 2020, compared to N92.6 billion sales in May 2020.

Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N2.7 trillion, where PMS contributed about 99.1 per cent of the total sales with a value of over N2.2 trillion.

During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.

Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent.

The NNPC monthly Financial and Operations Report for June 2020 explained that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the Country.

In the Gas sector, out of the 232.0 Billion Cubic Feet of gas (BCF) supplied in June 2020, 148.7 BCF of gas was commercialized; consisting of 34.6 BCF and 114.0 BCF for the domestic and export market, respectively.

This, the report explains, translates to a total supply of 1,154.8 million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.5 mmscfd of gas supplied to the export market for the month, implying 64.1 per cent of the average daily gas produced was commercialized, while the balance of 35.9 per cent was re-injected, used as Upstream fuel gas or flared.

The NNPC report stated that gas flare rate for June 2020 stood at 6.1 per cent, that is: 472.9 mmscfd, compared with average Gas flare rate of 7.8 per cent, an equivalent of 611.7 mmscfd for the period June 2019 to June 2020.

Economy

Customs Street Chalks up 1.08% on Renewed Buying Pressure

Published

18 seconds ago

06/12/2025

Dipo Olowookere

By Dipo Olowookere

A 1.08 per cent growth was further printed by the Nigerian Exchange (NGX) Limited on Friday on improved appetite for Nigerian stocks.

Data showed that the insurance sector lost 0.61 per cent yesterday due to profit-taking as the energy space gave up 0.08 per cent, while the commodity counter closed flat.

However, the industrial goods landscape appreciated by 2.06 per cent, the banking index improved by 1.31 per cent, and the consumer goods sector expanded by 0.83 per cent.

At the close of business on Customs Street, the All-Share Index (ASI) increased by 1,563.92 points to 147,040.07 points from 145,476.15 points and the market capitalisation went up by N996 billion to N93.722 trillion from N92.726 trillion.

UAC Nigeria led the advancers’ log yesterday after it grew by 10.00 per cent to N96.80, Transcorp Hotels jumped by 9.71 per cent to N172.80, Royal Exchange appreciated by 8.89 per cent to N1.96, Ikeja Hotel soared by 8.74 per cent to N31.10, and Veritas Kapital leapt by 8.07 per cent to N1.74.

On the flip side, Union Dicon declined by 10.00 per cent to N6.30, ABC Transport slipped by 9.88 per cent to N3.10, AXA Mansard depreciated by 7.19 per cent to N12.90, FTN Cocoa lost 4.62 per cent to trade at N4.75, and Guinea Insurance dropped 3.36 per cent to finish at N1.15.

A total of 38 stocks ended on the gainers’ table and 17 stocks finished on the losers’ table, representing a positive market breadth index and strong investor sentiment.

Traders transacted 361.6 million equities for N14.8 billion in 21,051 deals yesterday versus the 1.9 billion equities worth N19.2 billion traded in 23,369 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 80.97 per cent, 22.92 per cent, and 14.20 per cent, respectively.

The busiest stock for the session was Zenith Bank with 59.5 million units worth N3.6 billion, Access Holdings traded 46.1 million units valued at N973.0 million, Fidelity Bank exchanged 29.4 million units for N560.4 million, FCMB transacted 27.9 million units worth N293.9 million, and Tantalizers sold 13.0 million units valued at N29.8 million.

Economy

Nipco, 11 Plc Crash OTC Securities Exchange by 4.76%

Published

1 hour ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Energy stocks influenced the 4.76 per cent loss recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Friday, December 5.

The culprits were the duo of 11 Plc and Nipco Plc,with the former shedding N32.17 to end at N291.83 per share compared with the previous day’s N324.00 per share, and the latter down by N21.00 to sell at N195.00 per unit versus the previous session’s N216.00 per unit.

Consequently, the NASD Unlisted Security Index (NSI) slumped by 170.16 points to 3,401.37 points from 3,571.53 points and the market capitalisation lost N101.81 billion to close at N2.035 billion from the N2.136 trillion quoted in the preceding session.

The OTC securities exchange suffered the decline yesterday despite the share prices of three companies closing green.

Central Securities Clearing System (CSCS) Plc was up by N1.80 to close at N39.80 per share compared with Thursday’s price of N38.00 per share, Air Liquide Plc appreciated by N1.09 to N11.99 per unit from N10.90 per unit, and FrieslandCampina Wamco Nigeria Plc grew by 78 Kobo to N56.57 per share from N55.79 per share.

During the session, the volume of transactions rose by 6,885.3 per cent to 18.2 million units from 4.3 million units, the value of transactions ballooned by 10,301.7 per cent to N389.7 million from N347.2 million, but the number of deals declined by 29.7 per cent to 26 deals from 37 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc ended the day as the most traded stock by value on a year-to-date basis with 5.8 billion units worth N16.4 billion, followed by Okitipupa Plc with 170.4 million units valued at N8.0 billion, and Air Liquide Plc with 507.5 million units worth N4.2 billion.

InfraCredit Plc also finished the day as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.

Economy

Naira Depreciates to N1,450/$1 at Official Forex Market

Published

1 hour ago

06/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira depreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, December 5, as FX demand pressure mounts.

The Nigerian currency lost N2.60 or 0.18 per cent against the greenback to close at N1,450.43/$1 compared with the previous day’s N1,447.83/$1.

Equally, the domestic currency declined against the Pound Sterling in the official forex market during the session by N4.48 to trade at N1,935.45/£1, in contrast to Thursday’s closing price of N1,930.97/£1 and shrank against the Euro by 43 Kobo to end at N1,689.17/€1 versus the preceding session’s rate of N1,688.74/€1.

Similarly, the local currency performed badly against the US Dollar at the GTBank FX counter by N2 to close at N1,455/$1 versus Thursday’s N1,453/$1 but traded flat at the parallel market at N14.65/$1.

As the country gets into the festive period, pressure mounted on the local currency reflecting higher foreign payments and lower FX inflows.

However, there are expectations that the Nigerian currency will be stable, supported by interventions by to the Central Bank of Nigeria (CBN) in the face of steady dollar Demand and inflows from Detty December festivities that will give the Naira a boost after it depreciated mildly last month.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450/$1 next week, buoyed by improved FX interventions by the apex bank.

As for the crypto market, it was down yesterday due to profit-taking associated with year-end trading. However, the December 1-Year Consumer Inflation Expectation by the University of Michigan fell to 4.1 per cent from 4.5 per cent previously and 4.5 per cent expected. The 5-Year Consumer Inflation Expectation fell to 3.2 per cent from 3.4 per cent previously and 3.4 per cent expected.

With the dearth of official economic data of late, these private surveys have taken on a new level of significance and the market banks of them to make decisions.

Cardano (ADA) depreciated by 5.7 per cent to $0.4142, Dogecoin (DOGE) slid by 5.1 per cent to $0.1394, Ethereum (ETH) dropped by 3.9 per cent to $3,039.75, Solana (SOL) declined by 3.8 per cent to $133.24, and Litecoin (LTC) fell by 3.7 per cent to $80.59.

Further, Bitcoin (BTC) went down by 2.6 per cent to sell at $89,683.72, Binance Coin (BNB) slumped by 2.2 per cent to $883.59, and Ripple (XRP) shrank by 2.1 per cent to $2.04, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.