Economy

Oil and Gas Export Receipt Rises 184% in June 2020

Published

6 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

Four Securities Erase N51.17bn from NASD Exchange

Published

1 day ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

Published

1 day ago

27/06/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

Published

1 day ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.