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

NASD Exchange Falls 0.22% After Investors Lose N4.8bn

Published

1 hour ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange weakened by 0.22 per cent on Tuesday, April 28, with the market capitalisation down by N4.8 billion to N2.420 trillion from N2.425 trillion, and the NASD Unlisted Security Index (NSI) down by 9.01 points to 4,044.96 points from 4,053.97 points.

During the session, the price of Central Securities Clearing System (CSCS) Plc went down by N1.82 to N767.05 per share from N78.87 per share, while FrieslandCampina Wamco Nigeria Plc appreciated by N1.90 to N100.00 per unit from N98.10 per unit.

According to data, the value of trades increased by 265.7 per cent to N27.1 million from N7.4 million units, and the volume of transactions surged by 305.2 per cent to 1.3 million units from 319,831 units, while the number of deals decreased by 6.9 per cent to 27 deals from 29 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with the sale of 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.8 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also finished as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Crashes to N1,380/$ at Official Market, N1,390/$1 at Black Market

Published

2 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Pressure is beginning to mount on the Nigerian Naira in the different segments of the foreign exchange (FX) market despite an oil windfall triggered by the Middle East crisis.

On Monday, April 27, the domestic currency further weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N16.47 or 1.2 per cent to N1,380.71/$1 from the previous day’s N1,364.24/$1.

It was not different against the Pound Sterling in the same market window, as it lost N16.04 to trade at N1,863.76/£1 versus Monday’s closing rate of N1,847.72/£1, and against the Euro, it slipped by N12.72 to close at N1,615.01/€1 versus N1,602.29/€1.

The Naira also depreciated against the Dollar at the black market yesterday by N5 to quote at N1,390/$1 compared with the previous price of N1,385, and at the GTBank forex counter, it further crashed by N9 to settle at N1,379/$1 compared with the preceding session’s N1,370/$1.

The continued decline of the Naira comes as traders increasingly seek other safe-haven currencies amid continued global disruptions.

The benefit awash in the global market is making foreign portfolio investors stay short in Nigerian markets. Despite this, the daily FX publication released showed that interbank turnover rose to $98.829 million across 78 deals, up from $76.65 million.

Meanwhile, the cryptocurrency market remained cautious, with Bitcoin (BTC) trading at $77,216.66 despite surging oil prices and geopolitical tensions over a potential extended US naval blockade of the Strait of Hormuz.

Analysts say the supply overhang has finally dried up, and the sellers who were spooked by macro shifts or quantum fears have already exited, leaving the market much thinner on the sell-side.

Investors will await decisions made by central banks this week. The US Federal Reserve will announce its rate decision later on Wednesday, while the European Central Bank (ECB) follows on Thursday.

Ethereum (ETH) gained 1.5 per cent to trade at $2,324.59, Dogecoin (DOGE) chalked up 1.4 per cent to sell for $0.1016, Solana (SOL) appreciated by 0.6 per cent to $84.85, Cardano (ADA) grew by 0.5 per cent to $0.2483, and Binance Coin (BNB) advanced by 0.2 per cent to $627.15.

However, TRON (TRX) depreciated by 0.6 per cent to $0.3224, and Ripple (XRP) lost 0.03 per cent to sell at $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were unchanged at $1.00 each.

Economy

Oil up 3% as Hormuz Disruption Outweighs UAE OPEC Exit

Published

2 hours ago

29/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Oil was up by nearly 3 per cent on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz continued, with Brent futures for June rising by $3.03 or 2.8 per cent to $111.26 a barrel, and the US West Texas Intermediate (WTI) crude futures growing by $3.56 or 3.7 per cent to $99.93 a barrel.

An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed.

Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade, but some traffic is still moving.

Prices trimmed some of the advances after the United Arab Emirates (UAE), the fourth-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said on Tuesday it would exit the group on this Friday, May 1, 2026.

This dealt a blow to the oil-exporting group and its de facto leader, Saudi Arabia.

The UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. However, with the Strait of Hormuz effectively closed, analysts said that there’s nowhere for that supply to go.

The UAE joined OPEC in 1967, but tension with Saudi Arabia over production quotas has been building for years.

Under the OPEC+ deal, the country has been held to roughly 3 million barrels per day while sitting on capacity above 4 million. It has been pushing toward 5 million barrels per day by 2027, and that target is hard to achieve with quotas built around someone else’s view of the market.

The war in Yemen broke whatever was left of diplomatic patience.

President Donald Trump said he was unhappy with the latest Iranian proposal to end the war. The proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved.

The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the Abu Dhabi National Oil Company (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Vortexa data showed that the amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. The official data from the US Energy Information Administration (EIA) will be released later on Wednesday.