Economy
Total Energies, Others Flare N23.8bn Gas in May 2021
By Adedapo Adesanya
Nigeria lost N23.8 billion or $57.9 million to gas flaring in May 2021 as oil and gas firms operating in the country, including Total Energies, flared 17.9 billion standard cubic feet (SCF) of gas in the month under review.
This was according to gas production and utilization data for May 2021, presented by the Nigerian National Petroleum Corporation (NNPC).
Using the NNPC’s published average natural gas price of $3.228 for 1,000 SCF of the commodity, the flaring of 17.9 billion SCF translated to a loss of $57.9 million; while using the Central Bank of Nigeria’s (CBN) exchange rate of N409.62 to a dollar, this translates to a loss of N23.8 billion.
The quantity of gas flared in May 2021 was 5.1 per cent higher than the 17.095 billion SCF of gas flared in the previous month.
Also, the NNPC report noted that a total of 176.8 billion SCF of gas was produced in the month under review, 6.4 per cent higher compared to the 166.2 billion SCF produced in April 2021.
This means that the gas flare rate, that is the percentage of gas produced that was flared, for May 2021, was 10.2 per cent; this was in comparison with the 10.3 per cent gas flare rate recorded in April 2021.
Furthermore, the NNPC stated that total associated and non-associated gas produced in May 2021, stood at 109.1 billion SCF and 67.7 billion SCF respectively.
In addition, the corporation put total utilized gas at 158.8 billion SCF in May, rising by 6.5 per cent compared with 149.1 billion SCF recorded in April; while total unutilized gas, of which 100 per cent of the volume was flared stood 17.9 billion SCF, compared with 17.1 billion SCF in April 2021.
In its analysis of the total volume of gas utilized, the report explained that 8,695 billion SCF was utilized as fuel gas; 65.3 billion SCF and 9.0 billion SCF of gas were utilized by the Nigerian Liquefied Natural Gas Company (NLNG) and Escravos Gas to Liquids (EGTL) plants, respectively; while 3.8 billion SCF was converted to Natural Gas Liquids (NGL)/Liquefied Petroleum Gas (LPG).
Furthermore, the report added that total domestic gas sales through the Nigerian Gas Company (NGC) and others, stood at 20.3 billion SCF in April, while 51.632 billion SCF of gas was reinjected and used as gas lift make-up.
The report showed that Total Exploration and Production Nigeria (TEPNG), now Total Energies, flared the most quantity of gas in the month under review, accounting for 23.7 per cent of total gas flared, with 4.3 billion SCF of the commodity. This, however, represented 17.9 per cent of its total gas output of 23.7 billion SCF.
Mobil followed as it flared 2.2 billion SCF of gas, representing 7.8 per cent of its total gas output of 25.2 billion SCF; while Shell Nigeria Exploration and Production Company (SNEPCO) flared 2.1 billion SCF of gas from its Bonga Floating Production Storage and Offloading (FPSO) vessel, representing 89.2 per cent of its total of 2.3 billion SCF of gas produced.
For another month, Seplat in May flared 100 per cent of its total gas output, translating to 134 million standard cubic feet (SCF) of gas; followed by the Nigerian Petroleum Development Company/Seplat Development Company (NPDC/SPDC) joint venture, which flared 96 per cent of their total gas production, translating to 77 million SCF.
Furthermore, the report noted that Belema Oil flared 340 million SCF of gas, representing 95.8 per cent of its total gas production; while First Exploration and Production (E&P) flared 593 million SCF of gas, representing 95 per cent of its total gas output.
By Aduragbemi Omiyale
The board of Neimeth International Pharmaceuticals Plc can raise an additional N30 billion from the capital market, shareholders have declared.
They gave the authorisation for this fresh capital raise at the company’s 67th Annual General Meeting (AGM) held virtually on Thursday, June 25, 2026.
This was one of the resolutions passed at the yearly shareholders’ gathering, attended by several persons, including board and management members as well as investors and others.
The approval for new capital raise is coming after the board was, on June 23, 2025, authorised to raise up to N20.0 billion. For this tranche, only N2.440 billion was raised by the organisation, leaving an untilised balance of approximately N17.560 billion.
The company has now been given the authority to get fresh N30.0 billion, according to disclosure from Neimeth.
In the notice to the Nigerian Exchange (NGX) Limited, Neimeth said the board was asked to “raise additional capital of up to N30.0 billion through an issuance of shares (to be issued, whether by way of public offering, rights issue, private/special placement to strategic or identified investors), commercial papers, bonds, convertible and non-convertible securities), medium term notes and/or any other instruments, either as a stand-alone or by way of programmes, in such tranches, series or proportions, at such coupon or interest rates, within such maturity periods, or on such terms and conditions, through a combination of methods or processes, all of which shall be based on terms and conditions to be determined by the board and subject to obtaining the approvals of the relevant regulatory authorities.”
The shareholders resolved that “the aggregate shareholders’ approval for capital raising shall accordingly be N50.0 billion, of which approximately N2.440 billion has already been raised by way of rights issue, leaving an unutilised balance of approximately N47.560 billion available for raising.”
By Adedapo Adesanya
The duo of FrieslandCampina Wamco Nigeria Plc and Food Concepts Plc helped root the NASD Over-the-Counter (OTC) Securities Exchange in negative territory, following a 0.36 per cent slide on Monday, June 29.
FrieslandCampina, which is the maker of milk brands Peak Milk and Three Crowns, lost N13.44 to trade at N141.76 per unit compared with its previous price of N155.2o per unit, while Food Concepts, which is the parent company of fast food giant Chicken Republic, declined by 8 Kobo to end at N2.43 per share versus last Friday’s price of N2.51 per share.
Consequently, the NASD Security Index (NSI) slid by 15.51 points to 4,261.56 points from 4,277.07 points, and the market capitalisation lost N9.31 billion to close at N2.557 trillion compared with the previous value of N2.567 trillion.
The bourse finished with two price advancers yesterday, with Central Securities Clearing System (CSCS) Plc up by N3.80 to trade at N88.48 per unit versus N84.68 per unit, and Nitrox Industrial Gases Plc gaining 31 Kobo to end at N21.40 per share versus N21.09 per share.
The volume of securities traded by investors on the first trading day of the week contracted by 75.9 per cent to 229,314 units from the previous 955,096 units, and the value of securities slumped 17.8 per cent to N24.6 million from N29.9 million, while the number of deals increased by 9.7 per cent to 34 deals from the 31 deals recorded last Friday.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded 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 sold for N6.5 billion, and CSCS Plc with 68.7 million units transacted for N4.7 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc followed with 1.1 billion units traded for N415.7 million
By Adedapo Adesanya
The value of the Naira crashed against the United States Dollar by N2.70 0r 0.2 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 29, to N1,383.63/$1 from last Friday’s exchange rate of N1,380.93/$1.
This was influenced by FX pressure on the domestic currency, which also weakened its exchange rate against the Pound Sterling in the same market segment during the session by N6.06 to N1,831.64/£1 from the previous value of N1,824.90/£1. It also depleted the Nigerian currency against the Euro by 45 Kobo, trading at N1,578.03/€1 versus the preceding session’s N1,577.58/€1.
However, it maintained stability against the greenback at the parallel market and the GTBank forex desk yesterday at N1,395/$1 and N1,387/$1, respectively.
Despite the pressure on the Naira, it is still trading within the expected range, as a result of ongoing FX reforms, stronger market liquidity, and increased transparency in the FX market.
Unlike in previous years, the improved stability is reflected in the relatively narrow spread between the official exchange rate and rates in the Bureau de Change (BDC) segment, suggesting that reforms introduced by the Central Bank of Nigeria (CBN) are helping to improve price discovery and reduce distortions.
Also, Nigeria’s external reserves, which provide the apex bank with the capacity to support the Naira and meet the country’s external obligations, have continued to trend upward. Most recent data published on the apex bank’s website showed that reserves rose to $51.29 billion as of June 26, 2026.
In the cryptocurrency market, Bitcoin (BTC) lost momentum after it dropped below $60,000, remaining under its 200-week moving average as currency markets swung following the Japanese Yen slipping to four-decade lows against the US Dollar.
Strategy, the largest public holder of bitcoin, plans to sell more than $1 billion of BTC as part of a $1.25 billion monetisation program, a sharp break from Michael Saylor’s long-held “never sell” stance. BTC traded at $59,463.89.
Dogecoin (DOGE) went down by 0.9 per cent to $0.0723, TRON (TRX) slipped by 0.8 per cent to $0.3196, Cardano (ADA) dipped 0.2 per cent to $0.1446, and Ripple (XRP) dropped 0.1 per cent to close at $1.04.
On the flip side, Solana (SOL) gained 2.5 per cent to sell at $73.99, Ethereum (ETH) improved by 0.4 per cent to $1,587.51, and Binance Coin (BNB) added 0.01 per cent to sell for $552.58, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn