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 Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
For the fourth consecutive trading session, the Nigerian Exchange (NGX) Limited closed higher on Friday by 0.63 per cent on sustained renewed buying pressure.
Apart from the energy and industrial goods sectors which closed flat, every other sector ended in the green territory, according to data obtained from the bourse.
Business Post reports that the insurance index appreciated by 1.52 per cent, the banking space improved by 0.63 per cent, and the consumer goods counter expanded by 0.46 per cent.
As a result, the All-Share Index (ASI) gained 617.47 points to settle at 99,378.06 points compared with the preceding day’s 98,760.59 points and the market capitalisation went up by 375 billion to close at N60.242 trillion, in contrast to Thursday’s closing value of N59.867 trillion.
The volume of transactions on Customs Street yesterday grew by 11.13 per cent to 544.2 million shares from the 489.7 million shares transacted a day earlier.
The value of transactions increased during the session by 49.30 per cent to N10.6 billion from N7.1 billion and the number of deals went up by 1.93 per cent to 8,464 deals from the 8,304 deals posted in the previous trading session.
The busiest equity for the trading day was Japaul with the sale of 71.7 million units valued at N158.0 million, eTranzact exchanged 70.7 million units worth N477.5 million, Tantalizers sold 57.3 million units for N101.2 million, FCMB traded 33.0 million units worth N297.3 million, and Universal Insurance transacted 27.1 million units valued at N9.6 million.
A total of 36 stocks ended on the gainers’ chart, while 15 stocks finished on the losers’ table, indicating a positive market breadth index and strong investor sentiment.
The trio of Aradel Holdings, Ikeja Hotel and Caverton gained 10.00 per cent each to trade at N550.00, N8.80, and N1.98, respectively, as Africa Prudential rose by 9.87 per cent to N17.25 and Golden Guinea Breweries soared by 9.64 per cent to N8.64.
On the flip side, Austin Laz lost 10.00 per cent to close at N1.62, ABC Transport crashed by 8.00 per cent to N1.15, Royal Exchange slumped by 7.69 per cent to 60 Kobo, Secure Electronic Technology plunged by 5.26 per cent to 54 Kobo, and The Initiates crumbled by 4.26 per cent to N2.25.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN