Economy

Nigeria’s Crude Export Drops 30.9% in March

Published

5 years ago

25/06/2020

By Adedapo Adesanya

Nigeria’s total crude oil and gas export plunged 30.9 percent in the month of March 2020 to $256.2 million, according to the latest data from the Nigerian National Petroleum Corporation (NNPC).

In its Monthly Financial and Operations Report (MFOR) for March 2020, the oil agency said of the total sales, crude oil export sales contributed $184.59 million (72.1 percent) of the dollar transactions compared with $281.1 million contribution in the previous month, while the export gas sales amounted to $71.6 million in the month.

A statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, stated that in terms of year-on-year sales, from March 2019 to March 2020, crude oil and gas transactions indicated that crude oil and gas worth $4.95 billion was exported.

The national oil company said that 218.4 billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7.5 million Standard Cubic Feet per Day (mmscfd).

This is even as the corporation, within the period under review, recorded a vandalisation of not less than 19 pipeline points, which represented a 47 percent decline from the 32 points recorded in February 2020.

The corporation explained that 3,119.9 BCF of gas was produced for the period March 2019 to March 2020, representing an average daily production of 7,912.05 mmscfd during the period.

It noted that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.4 percent, 21.7 percent and 8.9 percent respectively to the total national gas production.

Out of the 218.4 BCF of gas supplied in March 2020, according to the report, 120.7 BCF of gas was commercialized, consisting of 33.5 BCF and 87.3 BCF for the domestic and export market respectively, translating to 1,235.6 mmscfd of gas to the domestic market and 3,817.4 mmscfd of gas supplied to the export market for the month.

The report said 55.6 percent of the average daily gas produced was commercialized, while the balance of 44.4 percent was re-injected, used as Upstream fuel gas or flared.

Gas flare rate was 9.1 percent for the month under review, 679.6 mmscfd, compared with average gas flare rate of 8.4 percent, 66.9 mmscfd for March 2019 to March 2020.

During the month under review, the report also announced a trading deficit of N9.5 billion for March 2020 compared to the N3.9 billion surplus posted in February 2020.

The report declared that the over 300 percent decline in March 2020 earnings was due primarily to the huge decrease of 181 percent in the national oil company’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC), due to the decline in crude oil prices precipitated by the coronavirus-induced global slowdown which it stated led to reduced exports and dwindling world oil consumption; combined with deficits posted by the refineries, among others.

In the downstream, to ensure continuous availability of Premium Motor Spirit (PMS) otherwise called petrol, and effective distribution of the product across the country, 1.7 billion litres of PMS, translating to 59.7 million litres/day were supplied for the month.

Explaining the 19 pipeline points that were vandalized during the period under review, NNPC explained that Atlas Cove-Mosimi accounted for 53 percent, while Mosimi-Ibadan recorded 21 per cent and Suleja-Minna accounted for the remaining 26 percent.

The report assured that NNPC was collaborating with the local communities and other stakeholders to continuously strive to reduce vandalism.

Economy

Seplat Completes Conversion of Onshore Assets to PIA Fiscal Regime

Published

2 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.

In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.

The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.

The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.

According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.

Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.

“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.

He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.

Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.

Economy

NASD Index Rises 0.16% on Renewed Investors’ Appetite

Published

5 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.16 per cent on Monday, December 22 as investors showed hunger for unlisted stocks.

Trading data showed that the volume of securities traded at the session surged by 532.9 per cent to 12.6 million units from the previous 1.9 million units, as the value of transactions jumped by 64.3 per cent to N713.6 million from N80.3 million, though the number of deals moderated by 13.5 per cent to 32 deals from the 37 deals recorded in the previous trading session.

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 sold for N16.4 billion, followed by Okitipupa Plc with 178.9 million units worth N9.5 billion, and MRS Oil Plc with 36.1 million units transacted for N4.9 billion.

InfraCredit Plc also finished the trading day as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with the sale of 1.2 billion units for N420.7 million, and Impresit Bakolori Plc with a turnover of 537.0 million units valued at N524.9 million.

The unlisted securities market printed a price loser, FrieslandCampina Wamco Nigeria Plc, which dropped 20 Kobo to sell at N53.80 per share versus last Friday’s closing price of N54.00 per share.

However, the loss was offset by the trio of NASD Plc, Golden Capital Plc, and UBN Property Plc.

NASD Plc gained N5.00 to close at N60.00 per unit versus N55.00 per unit, Golden Capital Plc appreciated by 77 Kobo to N8.45 per share from N7.68 per share, and UBN Property Plc improved by 22 Kobo to N2.43 per unit from N2.21 per unit.

As a result, the market capitalisation increased by N3.38 billion to N2.125 billion from N2.121 trillion, and the NASD Unlisted Security Index (NSI) grew by 5.65 per cent to 3,552.06 points from 3,546.41 points.

Economy

Nigeria’s Stock Exchange Sustains Bull Run by 0.26%

Published

5 hours ago

23/12/2025

Dipo Olowookere

By Dipo Olowookere

The bulls remained on the floor of the Nigerian Exchange (NGX) Limited on Monday, rallying by 0.26 per cent at the close of transactions.

This was buoyed by the gains recorded by 34 equities on Nigeria’s stock exchange, which outweighed the losses posted by 20 equities, indicating a positive market breadth index and strong investor sentiment.

Aluminium Extrusion gained 9.72 per cent to quote at N13.55, International Energy Insurance improved by 9.69 per cent to N2.49, Mecure Industries rose by 9.64 per cent to N60.30, Royal Exchange expanded by 9.60 per cent to N1.94, and Austin Laz grew by 9.50 per cent to N2.65.

On the flip side, Custodian Investment depleted by 10.00 per cent to N35.10, ABC Transport crashed by 10.00 per cent to N3.15, Prestige Assurance weakened by 7.41 per cent to N1.50, and Guinea Insurance slipped by 7.38 per cent to N1.13.

During the session, investors traded 451.5 million shares worth N13.0 billion in 33,327 deals compared with the 1.5 billion shares valued at N21.8 billion transacted in 25,667 deals in the preceding session, showing spike in the number of deals by 29.84 per cent, and a decline in the trading volume and value by 69.90 per cent and 40.37 per cent apiece.

The first trading session of the Christmas week had Tantalizers as the most active with 50.2 million units sold for N127.5 million, First Holdco transacted 32.6 million units worth N1.5 billion, Access Holdings exchanged 27.3 million units valued at N562.3 million, Custodian Investment traded 22.1 million units for N857.8 million, and Chams transacted 21.3 million units valued at N71.1 million.

When the closing gong was struck at 2:30 pm to end trading activities, the All-Share Index (ASI) was up by 401.69 points to 152,459.07 points from 152,057.38 points and the market capitalisation went up by N256 billion to N97.193 trillion from N96.937 trillion.