Economy
OPL 245 Dispute Resolution to Unlock Zabazaba–Etan Deepwater Project—Ojulari
By Adedapo Adesanya
The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, has said the resolution of the dispute surrounding oil prospecting lease (OPL) 245 would enable the development of the Zabazaba–Etan deepwater project.
In a statement issued on Saturday, Mr Ojulari noted that advancing the project could increase Nigeria’s crude oil output by about 150,000 barrels per day (bpd).
On March 5, the presidency announced that a settlement agreement had been successfully concluded among the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).
It was stated that the agreement ended the protracted dispute over OPL 245 and created the opportunity to move forward with the development of one of Nigeria’s most important deepwater resources.
Commenting on the development, Mr Ojulari described the resolution as a major milestone for both the country and NNPC as efforts continue to promote the responsible development of Nigeria’s strategic energy assets.
“We are honoured that President Bola Ahmed Tinubu GCFR entrusted NNPC Limited with the responsibility of supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL),” the NNPC chief said.
“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project.
“Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, representing a significant step toward strengthening our national energy security and economic resilience,” he added.
Mr Ojulari further said the achievement demonstrates the value of collaboration, persistence, and a shared determination to utilise Nigeria’s vast energy resources for the country’s benefit.
The end of the long-standing dispute over Oil Prospecting Licence (OPL) 245 paves the way for the development of one of Nigeria’s most significant deepwater resources. The agreement, signed in Abuja, marked the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.
By Dipo Olowookere
On the floor of the Nigerian Exchange (NGX) Limited last week, 3.588 billion shares valued at N195.313 billion exchanged hands in 254,553 deals, higher than the 3.361 billion shares worth N151.948 billion traded in 229,442 deals a week earlier.
Over a quarter of these transactions were centred around the trio of Sterling Holdco, Access Holdings, and Zenith Bank, which specifically accounted for 1.038 billion stocks worth N46.081 billion in 33,067 deals, contributing 28.92 per cent and 23.59 per cent to the total equity turnover volume and value, respectively.
They helped the financial equities to lead the activity chart with 2.498 billion units sold for N94.005 billion in 111,052 deals, contributing 69.62 per cent and 48.13 per cent to the total trading volume and value, respectively.
Services stocks traded 329.034 million units valued at N3.452 billion in 14,050 deals, and energy shares transacted 152.472million units worth N42.511 billion in 19,022 deals.
In the week, 61 equities appreciated versus 25 equities in the previous week, as 36 stocks depreciated compared with 54 stocks of the preceding week, while 49 shares remained unchanged, in contrast to 67 shares of the previous trading week.
Trans-Nationwide Express gained 60.48 per cent to sell for N6.05, Ecobank appreciated by 46.30 per cent to N67.30, Stanbic IBTC rose by 36.63 per cent to N188.55, Royal Exchange improved by 29.37 per cent to N1,85, and Aradel grew by 28.93 per cent to N1,649.00.
On the flip side, Coronation Insurance lost 14.38 per cent to close at N2.50, Ikeja Hotel declined by 14.36 per cent to N33.40, International Energy Insurance shrank by 13.80 per cent to N3.06, Academy Press slumped by 12.57 per cent to N7.65, and Honeywell Flour crumbled by 11.01 per cent to N19.00.
Business Post reports that the All-Share Index (ASI) went up by 6.57 per cent to 217,167.57 points, and the market capitalisation advanced by 6.60 per cent to N139.827 trillion, as the demand for Nigerian stocks soared.
Also, all other indices finished higher apart from the insurance and growth indices, which fell by 0.04 per cent and 0.99 per cent, respectively.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
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