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Nigeria Earns N413bn From Gas Export -NBS

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Nigeria Gas Exports

Nigeria earned N412.983 billion from the export of Liquefied Natural Gas, LNG, Liquefied Petroleum Gas, LPG, also known as cooking gas and other gaseous materials in three months, between July and September 2015, according to data obtained from the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics Report for the Third Quarter of 2015, revealed that this represented an increase of 9.5 per cent or N35.813 billion when compared to N377.17 billion earned by the country from the export of those commodities in the second quarter of 2015.

Giving a breakdown of the third quarter figures, the NBS stated that the country’s LNG export stood at N262.202 billion; liquefied propane export was valued at N106.803 billion, while the export of other petroleum gases, among others, in gaseous state was valued at N22.762 billion.

In addition, the country earned N10.101 billion from the export of LPG and other gaseous hydrocarbons, while it also earned N8.115 billion from the export of liquefied butanes.

Liquefied propane

In comparison, in the second quarter of 2015, the country earned N260.7 billion from the export of LNG; N66.441 billion from the export of LPG and other gaseous hydrocarbons; N43.88 billion from liquefied propane, while liquefied butane export fetched the country N6.15 billion.

Furthermore, the report identified India as Nigeria highest export destination in the third quarter with an export value of N408.24 billion, comprising N382.884 billion and N25.356 billion crude oil and non-crude oil export respectively.

Netherlands followed with total export value of N245.066 billion comprising crude oil and non-crude oil export of N228.2 billion and 16.86 billion respectively, while Spain’s export from Nigeria stood at N211.357 billion, with N159.5 billion been value for crude oil and N51.853 billion from non-crude oil items.

Other export destinations in the quarter under review are: United Kingdom — N192.231 billion total exports, with N85.07 billion crude oil export and N107.17 billion non-crude oil export; Brazil — N169.44 billion, with N140.84 billion and N28.6 billion crude oil and non-oil export.

In addition, France received N106.billion of Nigeria’s total export; South Africa — N105.05 billion; United States — N85.51 billion; Japan — N80.44 billion and Indonesia — N71.37 billion among others.

On the other hand, China emerged the destination with the highest value of Nigeria’s import in the period under review, accounting for N459.4 billion of Nigeria’s total imports. The United States followed with Nigeria imports from the country valued at N160.6 billion, while the country imports from Belgium stood at N128.32 billion.

Others are: Netherlands — N101.82 billion; India — N97.42 billion; Germany — N55.04 billion; United Kingdom — N54.23 billion; Latvia — N44.79 billion; Brazil — N39.51 billion and Thailand — N31.03 billion among others.

Continuing, the report stated that, “Further analysis of Nigeria’s imports by Continent, revealed that the country consumed goods largely from Asia with imports valued at N 764.5 billion or 45.3 per cent of total imports.

“The Country also imported goods valued at N596.4 billion or 35.3 per cent from Europe and N241.3 billion or 14.3 per cent from The Americas. Import trade from Africa stood at N65.4 billion or 3.9 per cent while imports from the region of ECOWAS amounted to N16.3 billion.”

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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OPEC Agrees to Increase Oil Supply by 500,000 Barrels Per Day Ahead of Surge in Demand

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Nigeria's economic Productivity

OPEC and allies finally agreed to ease their 7.7 million barrels per day production cut by 500,000 barrels per day starting from January 2021.

This will now bring the oil cartel’s total production cuts to 7.2 million barrels per day starting from next year.

Oil prices rose after the news as the market believed the approval of Pfizer COVID-19 in the United Kingdom will kick start a series of approvals and helped restore confidence, increase business activities and demand for the commodity across the globe.

After the outcome of the meeting was made public on Thursday, Brent Crude Oil against which Nigerian oil is priced gained 1.35 percent on Friday after gaining 1.4 percent on Thursday to $49.37 per barrel at 11.35 am Nigerian time on Friday.

The US West Texas Intermediate gained 1.29 percent to $46.23 barrel on Friday.

500,000 bpd from January is not the nightmare scenario that the market feared, but it is not what was really expected weeks ago,” said Rystad Energy senior oil markets analyst Paola Rodriguez Masiu. “Markets are now reacting positively and prices are recording a small increase as 500,000 of extra supply is not deadly for balances,” she added.

Investors King increased business sentiment in the energy sector to boost investment, increase activity in the sector and most important improve crude oil demand enough to accommodate the 500,000 barrels per day extra that would be hitting the global market starting from January.

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Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd

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Oil

The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins

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Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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