Economy

Nigeria Earned $21bn from Oil/Gas Sector in 2017 – NEITI

Published

6 years ago

29/11/2019

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiatives (NEITI) has disclosed that Nigeria earned the sum of $21 billion from the oil and gas sector in 2017. This disclosure came from NEITI at the 2017 Oil and Gas Industry Report released in the nation’s capital, Abuja on Wednesday.

It said the figure showed a 23 percent increase from the 2016 figures of 17.05 percent and 15 percent lower than $24.79 billion inflow recorded in 2015.

A breakdown of the financial flows by revenue streams showed that crude oil and gas sales topped the table with about $10.19 billion, while other financial flows accounted for about $10.13 billion.

It added that flows to other entities like the Niger Delta Development Commission and Nigeria Content Development Monitoring Board among others were $669.05 million.

The report said: “In a five-year comparison of revenue flows from the oil and gas sector, the report revealed that there was a steady decline in year-on-year revenues from 2013 to 2016, with the sharpest drop of 55 per cent in 2015 compared to the preceding year.

“The year under review experienced a 23 per cent increase in revenues, 23 percent from 17.06 billion dollars in 2016 to 20.99 billion dollars in 2017.”

According to the report, 2017 witnessed a halt in the steady revenue decline the sector has been experiencing since 2013.

The report also showed that inflows from the Nigeria Liquefied Natural Gas (LPG) as dividend, interest and loan repayment were $834 million.

This indicated was a significant increase of 114 percent from the 2016 figures pegged $390 million.

On oil production during the period under review, a marginal increase of 4.75 per cent (690,465 barrels) as against the 659,137 barrels produced in 2016 was recorded.

It noted that the significant increase in revenues when compared to the increase in production volumes was as a result of the increase in oil prices.

The report further pointed out that average crude oil price was higher in 2017 and was sold for an average of $54.44 as against the S43.73 in 2016, and this signified an increase of 24.5 per cent.

“Out of the 690,465 mbbls of crude oil produced in 2017, a total of 688,291 mmbls was lifted, representing an increase from the 668,147 mmbls lifted in 2016,” it added

The NEITI report also showed that the Nigerian National Petroleum Corporation (NNPC) lifted a total of 241 million barrels (mbbls) of crude oil on behalf of the federation.

A breakdown of the liftings show that federation exports accounted for 135 million barrels, while the domestic crude liftings accounted for 106 million barrels.

It further disclosed that the federation exports volume went down by 36 per cent from 211 mbbls in 2016 to 135 mbbls in 2017.

It noted that while liftings by the companies amounted to 447 mbbls, joint venture operations, production sharing contracts and sole risk operators accounted for 130 mbbls, 223 mbbls and 79 million barrels respectively.

It said that the marginal field and service contract operators lifted 15mbbls and 1mbbls during the year under review

On crude allocation for domestic use, the report indicated that in 2017, the NNPC allocated 105.925 mbbls for domestic, while 25 per cent of this quantity was supplied to the refineries, 69 per cent was on the other hand utilised for the Direct Sales and Direct Purchase arrangement.

On production arrangements in terms of volumes, joint ventures and production sharing contracts produced 305 mbbls and 303 mbbls.

It added that others such as service contracts, marginal fields and sole risks accounted for the balance.

The report said: “Sole Risk operations produced the highest percentage increase of 114 per cent, and Marginal Field operations witnessed an increase of 32 per cent in the year under review.

“Overall production from the JV companies increased by 16.199 mbbls, indicating a six per cent increase from 2016 volumes.

“On the contrary, PSC and SC operations suffered volume reductions of six per cent and 31 per cent respectively.”

On Gas production, it said the total gas production was 3,494,774 mmscf from all arrangements, slightly higher than 2016 production of 3,051,249 mmscf by 15 per cent.

It noted that the total volume of gas flared in 2017 increased by 23 per cent, while gas utilisation saw a significant jump of 32 per cent when compared to 2016 volumes.

The report also said $8.474 billion was budgeted for Cash Call obligations, but only 49 per cent or $4.13 billion was paid as at January 2018.

It said out of the $5.125 billion negotiated as outstanding cash call liabilities for 2016, $2.177 billion was paid, therefore, leaving a balance of $2.948 billion.

It further observed that 2017 witnessed a huge drop in crude oil theft, sabotage and deferred production.

It said: “Nigeria lost about 36.5 mbbls of crude oil to theft and sabotage and there was 69mbbls lost due to decrease in production volumes resulting from routine maintenance or unplanned repairs of the production facilities.

“This is regarded as a remarkable improvement particularly, when compared to the 2016 figures of 101 mbbls and 144 mbbls lost to theft and deferred production respectively.”

NEITI also noted that there was reduction in pipeline breaks in 2017 (924 breaks) when compared to the figures of the previous years (2013-3,571; 2014-3,732; 2015-2,832 and 2016-2,589 breaks).

This decline, it said, suggested a positive return on the actions taken to mitigate vandalism.

The report further added that the oil and gas sector contributed 8.68 percent to Nigeria’s Gross Domestic Product (GDP)

The 2017 NEITI oil and gas report covered 63 entities and these include seven government agencies, 12 joint venture companies, 13 production sharing contract companies and 16 marginal field operators.

Economy

NASD Exchange Extends Bearish Run After 0.56% Drop

Published

2 days ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.

This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.

It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.

MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.

Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.

GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Slips to N1,380/$1 at Official Market, Remains N1,405/$1 at Black Market

Published

2 days ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.

However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.

Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.

At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.

Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.

This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.

Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.

The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.

Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.

Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Bulls, Bears Share Customs Street’s Spoils Amid Bullish Investor Sentiment

Published

2 days ago

03/04/2026

Dipo Olowookere

By Dipo Olowookere

The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.

Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.

Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.

Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.

On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.

The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.

Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.

Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.