Connect with us


Nigeria’s Oil Output Reaches 2.35m barrels per day



crude oil production

By Dipo Olowookere

Nigeria’s current crude oil production has reached 2.35 million barrels per day (bpd), Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, has revealed.

Speaking on Monday in Abuja at the inauguration of the members of the agency’s re-constituted anti-corruption committee, Mr Baru noted that this amount comprises condensates, which accounts for about 400,000 barrels per day.

According to the NNPC boss, this was made possible with the moves by the Federal Government to ensure peace in the oil-abundant Niger Delta region of the country.

ALSO READ  Reps Probe $17b Crude Oil Theft

Nigeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), agreed to cap its production at 1.8 million bpd.

Speaking at the inauguration yesterday, Mr Baru said, “In the upstream, we have also been making strides in the stability and security in the Niger-Delta and production is coming back steadily.

“At one point, we have reached the level of almost 2.35 million barrels per day, including condensates, which accounts for about 400,000 barrels per day.”

ALSO READ  Goldman Sachs Sees Crude Oil Selling at $55.63/b

Furthermore, he thanked “each member of staff and our clients involved in the supplies of petroleum products and other services in the country, for sustaining the supply of petroleum products across the country; the status quo has been restored.”

According to him, “We are in the period of ease, it is not too long ago in December, January and February, when NNPC was a sole importer of petroleum products in this country with the challenges associated with distribution and the caped price of N145 to a litre of petrol.”

ALSO READ  NNPC Partners Halliburton to Search Crude Oil Deposits

he said, “We got some ease when the international price went down and the importers decided to come back to import because they can make some margin; they have raised the importation level to about 30 per.“

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

Click to comment

Leave a Reply


NGX Upgrades BOC Gases Shares to Medium-Priced Stock Group



BOC Gases

By Dipo Olowookere

Shares of BOC Gases have been upgraded and placed on the medium-priced stock level from the previous low-priced stock category.

The reclassification became necessary after its equity value has traded at the current group for a period of four of its most recent six months.

The Nigerian Exchange (NGX) Limited puts stocks on its trading platform into three groups; high-priced, medium-priced, and low-priced levels and this is purely based on their market price.

ALSO READ  Investors Jostle for MTN Nigeria Shares After FG Drops $2bn Tax Case

In this regard, securities must have traded for at least four out of the most recent six-month period within a stock price level’s specified price band to be classified into the category.

In a notice on Wednesday, the exchange said a review of BOC Gases’ stock price and trade activities over the most recent six-month period provides the basis for reclassifying the security from the low-priced stock group to the medium-priced stock group.

ALSO READ  Applications Open For Tony Elumelu Foundation Entrepreneurship Scheme

“This reclassification also necessitates the attendant change in the tick size change from one kobo to 5 kobo, in line with Rule 15.29: Pricing Methodology, Rulebook of the Exchange, 2015,” the notice sighted by Business Post explained.

It was further explained that BOC Gases stock price appreciated above the N5 price level on November 16, 2020, and traded above N5 up till the close of business on March 17, 2021.

ALSO READ  Crude Oil Tumbles 5% on High Inventories

“This indicates that BOC Gases Plc stock price has traded above N5 in at least 4 months out of the last 6 months.

“Resultantly, BOC Gases Plc has been reclassified from the low-priced stock group to the medium-priced stock group with effect from today, [Wednesday], June 16, 2021,” the disclosure added.

Shares of BOC Gases closed flat today at the stock exchange at N10.55 per unit.

Continue Reading


SEC Okays NG Clearing as Central Counterparty



NG Clearing Central Counterparty

By Aduragbemi Omiyale

NG Clearing Limited, a company incorporated on May 24, 2016, to facilitate derivatives trading in the Nigerian capital market, has been given the licence to operate as a central counterparty (CCP).

The authorisation was given by the Securities and Exchange Commission (SEC), the apex regulatory agency in the Nigerian capital market and this licence became effective Monday, June 7, 2021.

With the registration to perform the function of a CCP, NG Clearing becomes the first organisation to carry out this duty in the country. It means the firm has the authority to clear and settle exchange-traded derivative products.

The Chairman of NG Clearing, Mr Oscar Onyema, expressed delight over this development, noting that it will improve the soundness and safety of the Nigerian financial market.

ALSO READ  FG Plans Public Listing of 20% Shares in Privatised Firms

He said the company will deliver best-in-class post-trade services that manage counterparty credit risk and reduce systemic risk by interposing itself as a guarantor to both parties in a transaction, thus ensuring the successful execution of derivatives and other trades from various trade points in Nigeria.

“NG Clearing will deliver an unparalleled CCP experience for the Nigerian financial and capital markets and will optimise the deployment of its resources to achieve long-term value creation for its stakeholders using a state-of-the-art risk management framework, which complies with global best practices for mitigating settlement risk,” he said.

On his part, the Managing Director of NG Clearing, Mr Tapas Das said the company has sufficient financial resources, including a settlement guarantee fund to cover participants’ risk exposures.

ALSO READ  Reps Probe $17b Crude Oil Theft

He noted that members will have access to a wide range of financial reports that equip them with extensive knowledge and enable them to make informed decisions, as well as access to NG Clearing’s bespoke clearing and settlement software application which will support the clearing and settlement of derivative instruments across various asset classes i.e., futures and options contracts on indices, equity shares, commodities, currency, rates etc.

“NG Clearing shall be playing a key role in the financial market ecosystem in the region, upholding stability and safety of the marketplace, through an efficient and timely settlement of derivative trades.

ALSO READ  Investors Jostle for MTN Nigeria Shares After FG Drops $2bn Tax Case

“The aim is to strengthen the country’s investment environment through solutions that systematically reduce risks, enhance operating efficiency, and minimize costs for all market participants, thereby serving as a catalyst to national development,” he stated.

NG Clearing is promoted by the Nigerian Exchange Group Plc and Central Securities Clearing System (CSCS) Plc along with key stakeholders, including Nigeria Sovereign Investment Authority (NSIA), Access Bank Plc, Consonance Kuramo Special Opportunities Fund I, Coronation Merchant Bank Limited, Greenwich Merchant Bank Limited, Union Bank of Nigeria Plc, United Bank for Africa Plc (UBA) and Association of Securities Dealing Houses of Nigeria (ASHON).

Continue Reading


CSCS, NGX Lift OTC Exchange by 0.77% After Holiday



Regconnect CSCS

By Adedapo Adesanya

Appreciation in the stock prices of Central Securities Clearing Systems (CSCS) Plc and the Nigerian Exchange (NGX) Group Plc ensured that the bulls remained on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday.

It was the first trading session at the OTC Exchange after the public holiday observed on Monday to celebrate Democracy Day in Nigeria. The unlisted securities market appreciated by 0.77 per cent yesterday.

During the session, shares of CSCS increased by 68 kobo or 3.6 per cent to sell at N18.68 per unit compared to N18 per unit of the previous session, while the NGX Group gained 15 kobo or 0.8 per cent to sell for N20.04 per share versus the previous N19.89 per share.

ALSO READ  Investors Jostle for MTN Nigeria Shares After FG Drops $2bn Tax Case

The gains recorded by the two securities expanded the market capitalisation of the bourse by N4.09 billion to close at N534.49 billion in contrast to N530.40 billion it ended last Friday.

Also, the NASD Unlisted Security Index (NSI) increased by 5.76 points during the session to finish at 751.95 points as against 746.19 points of the previous session.

ALSO READ  Applications Open For Tony Elumelu Foundation Entrepreneurship Scheme

During the session, investors increased the volume of securities traded by 75.8 per cent to 6.5 million units from 3.7 million units, while the value of the trades rose by 74.1 per cent to N129.2 million from N74.2 million, with the number of deals rising by 17.2 per cent to 34 deals from 29 deals.

NGX Group was the most active stock by (year-to-date) with the sale of 266.3 million units worth N6.0 billion, followed by Swap Technologies & Telecomms Plc with 46.6 million units worth N41.0 million and CSCS Plc with 30.9 million units worth N483.3 million.

ALSO READ  Oil Closes Mixed Despite Hopes of Fresh Vaccine Supply

Also, NGX Group was the most active stock by value on a year-to-date basis with the sale of 266.3 million units worth N6.0 billion, followed by Niger Delta Exploration and Production (NDEP) Plc with 2.9 million units valued at N900.5 million and FrieslandCampina WAMCO Nigeria with 5.9 million units valued at N750.4 million.

Continue Reading

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: