Economy
Nigeria’s Gas Output Rises 2.2% to 150.2bscf in December 2023

By Adedapo Adesanya
Nigeria’s gas output rose by 2.2 per cent in December 2023, as data obtained from the Nigerian National Petroleum Company (NNPC) Limited, revealed that oil and gas companies operating in the country produced 150.229 billion standard cubic feet (SCF) of gas in the month compared with November 2023’s gas output of 146.991 billion SCF (BSCF).
The NNPC, however, stated that 7.75 per cent of the total gas produced in the month under review, put at 11.646 billion, was flared.
The oil firm added that the volume of gas flared in December 2023 was 1.53 per cent higher than the 11.471 billion SCF of gas flared in November 2023.
Giving a breakdown of total gas output in the month under review, the NNPC stated that Associated Gas output stood at 97.903 billion, representing 65.2 per cent of total gas output; while Non-Associated Gas output stood at 52.327 billion SCF, representing 34.83 per cent of total output.
Furthermore, the NNPC noted that of the total gas produced in the month, 8.788 billion SCF was utilised as fuel gas; 61.21 billion SCF was utilised by the Nigerian Liquefied Natural Gas (NLNG); while 1.365 billion SCF and 1.84 billion SCF was utilised for the manufacture of Natural Gas Liquids/Liquefied Petroleum Gas (NGL/LPG).
The national oil company further stated that domestic gas sales stood at 23.447 billion SCF; while 41.931 billion SCF of gas was re-injected and utilised for gas lift make up.
To this end, total gas utilised in the month under review stood at 138.954 billion SCF, rising by 2.54 per cent compared with 135.518 billion SCF recorded in November 2023; while gas flared stood at 11.646 billion SCF.
The NNPC reported that Shell Nigeria, under the joint venture segment, recorded the highest gas output in the month under review, accounting for 24.24 per cent of total gas output with 36.416 billion SCF of gas.
TotalEnergies Exploration and Production Nigeria (TEPNG) followed with 19.812 billion SCF of gas, while Mobil and Chevron trailed with 19.731 billion SCF and 17.917 billion SCF of gas, respectively.
In the Production Sharing Contract (PSC) segment, Star Deepwater Agbami Floating Production Storage and Offloading (FPSO) vessel recorded 12.409 billion SCF of gas, Total Upstream Nigeria recorded 12.087 billion SCF, while Esso Exploration Production Nigeria and Esso Erha FPSO recorded 4.575 billion SCF and 4.412 billion SCF was recorded respectively.
On the other hand, the NNPC disclosed that the Nigeria Petroleum Development Company/Seplat Development Company (SPDC) joint venture; Seplat Petroleum; NPDC-Chevron Nigeria Limited (CNL) joint venture, were the worst offenders in the month under review, with all of them flaring their entire (100 per cent) oil output.
Economy
Naira Gains 28 Kobo Against Dollar at Official Market

By Adedapo Adesanya
The Naira appreciated further against the US Dollar by 28 Kobo or 0.02 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 13.
Data obtained from the Central Bank of Nigeria (CBN) showed that the exchange rate closed yesterday at N1600.01/$1 compared with the preceding day’s N1,609.29/$1.
This occurred as the market finds some direction amid clarity in recent uncertainties, which had threatened the stability of the global markets.
Efforts to keep stabilising the FX market is also keeping the value of the Naira from fluctuating heavily.
However, the domestic currency depreciated against the Pound Sterling at the spot market during the session by N4.26 to trade at N2,118.28/£1 versus Monday’s rate of N2,114.02/£1 and lost N3.06 on the Euro to finish at N1,783.87/€1 compared with the previous day’s N1,780.81/€1.
In the parallel market, the Nigerian Naira remained unchanged against the Dollar at N1,630/$1 on Tuesday.
Meanwhile, the cryptocurrency market was bullish yesterday as US inflation was slightly lower than expected in April after President Donald Trump’s tariffs just began hitting the slowing US economy, according to the country’s labour office report on Tuesday.
The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2 per cent for the month, putting the 12-month inflation rate at 2.3 per cent, its lowest since February 2021, the Bureau of Labor Statistics said.
While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go from now till the deadline.
According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.
Dogecoin (DOGE) jumped by 10.4 per cent to sell at $0.2457, Ethereum (ETH) rose by 9.2 per cent to $2,673.65, Solana (SOL) expanded by 7.7 per cent to $182.73, Cardano (ADA) added 5.6 per cent to trade at $0.8297, Ripple (XRP) increased by 4.1 per cent to $2.58, Litecoin (LTC) grew by 2.7 per cent to $104.35, Binance Coin (BNB) climbed higher by 2.5 per cent to $663.60, and Bitcoin (BTC) moved up by 1.4 per cent to $103,857.30, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 each.
Economy
Nigerian Stocks Rebound by 0.46% on Renewed Buying Interest

By Dipo Olowookere
The loss recorded by Customs Street on Monday was reversed on Tuesday after closing higher by 0.46 per cent due to renewed buying interest from investors.
Almost all the key sectors of the bourse ended in green during the trading session except the commodity index, which closed flat.
The consumer goods counter expanded by 1.70 per cent, the insurance space grew by 0.88 per cent, the energy sector increased by 0.83 per cent, the banking industry improved by 0.20 per cent, and the industrial goods sector advanced by 0.13 per cent.
Consequently, the All-Share Index (ASI) went up by 501.13 points to 108,762.60 points from the 108,261.47 points recorded a day earlier, and the market capitalisation gained N315 billion to settle at N68.358 trillion compared with the previous day’s N68.043 trillion.
A total of 40 stocks ended on the price gainers’ chart of the Nigerian Exchange (NGX) Limited during the trading day and 24 stocks finished on the losers’ chart, indicating a positive market breadth index and strong investor sentiment.
Chellarams grew by 10.00 per cent to sell for N11.44, Oando also chalked up 10.00 per cent to close at N49.50, Transcorp rose by 9.99 per cent to N46.25, Beta Glass jumped by 9.96 per cent to N194.30, and Caverton flew by 9.85 per cent to N3.68.
On the flip side, Haldane McCall lost 9.85 per cent to finish at N4.21, Academy Press declined by 7.33 per cent to N4.30, UPDC weakened by 6.25 per cent to N3.00, ABC Transport crashed by 6.13 per cent to N2.91, and NPF Microfinance Bank retreated by 5.14 per cent to N2.03.
The demand for Nigerian stocks was higher on Tuesday, resulting in the rise in the trading volume by 21.62 per cent to 498.5 million shares from the 409.9 million shares transacted a day earlier.
Similarly, the trading value increased by 1.89 per cent to N10.8 billion from N10.6 billion, while the number of deals decreased by 9.28 per cent to 14,916 deals from 16,441 deals.
Tantalizers was the busiest equity for the day with a turnover of 57.8 million units valued at N131.3 million, Access Holdings transacted 36.8 million units worth N784.4 million, GTCO exchanged 31.8 million units for N2.2 billion, Fidelity Bank traded 23.4 million units worth N470,5 million, and Nigerian Breweries sold 21.0 million units valued at N1.1 billion.
Economy
US-China Tariffs Slash, Positive US Inflation Data Buoy Crude Oil Prices

By Adedapo Adesanya
Crude oil prices climbed by about 2 per cent a barrel on Tuesday, lifted by a temporary cut in US-China tariffs and a better-than-expected inflation report.
The Brent crude grade was up by $1.67 or 2.57 per cent to $66.63 a barrel, and the US West Texas Intermediate (WTI) crude grade finished at $63.67 after gaining $1.72 or 2.78 per cent.
The US and China had recently agreed on sharp reductions to their import tariffs for at least 90 days, which has offered relief to the markets.
The US agreed to slash duties on Chinese goods to 30 per cent for the next 90 days while tariffs on US goods imported into China would decline to 10 per cent from 125 per cent.
Further supporting the market, the US Labor Department reported on Tuesday that the Consumer Price Index rose 2.3 per cent in the 12 months through April, the smallest year-over-year gain in four years.
The Consumer Price Index increased 0.2 per cent last month after dipping 0.1 per cent in March, which was the first decline since May 2020, the Labor Department’s Bureau of Labor Statistics said.
The data suggested price pressures were cooling before President Donald Trump’s chaotic tariffs policy and did not change economists’ views that the Federal Reserve would continue to pause its interest rate-cutting cycle until late in the summer.
The US central bank has paused its rate cuts amid concerns that the trade war could reignite inflation. It kept its benchmark interest rate unchanged since last cutting it in December.
This development has also led banks like JPMorgan Chase and Barclays to cut their forecasts of a US recession in the coming months.
On the supply front, the Organization of the Petroleum Exporting Countries and its allies (OPEC+), are planning to boost oil exports in May and June, which is seen as possibly limiting oil’s upside.
OPEC has raised oil output by more than previously expected since April, with its May output likely to increase by 411,000 barrels per day.
Reuters reported that Saudi Arabia’s crude oil supply to China will hold steady in June after hitting its highest level in more than a year in the previous month after an OPEC+ decision to increase output.
Market analysts, however, warned that if China talks stall or supply outpaces refining capacity, the recent rally could be short-lived.
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