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Nigerian Oil and Gas Sector Booms

Nigerian oil and gas companies see massive revenue and profit growth following a price increase in petroleum products and government reforms; stock prices also surge.

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Nigeria

Energy SecurityStock MarketReformsOil And GasProfitRevenue

Nigerian Exchange Limited (Ngx)Seplat Energy PlcAradel HoldingsConoil PlcTotalenergies Marketing Nigeria PlcMrs Oil Nigeria PlcNational Bureau Of Statistics (Nbs)Highcap Securities LimitedInvestdata Consulting Limited

David AdnoriAmbrose Omordion

Which company reported the highest percentage increase in profit before tax?: Seplat Energy led with a 483.4 percent increase in profit before tax, reaching N366.7 billion. Other companies like Aradel Holdings and Totalenergies also experienced substantial profit growth, while Eterna moved from a loss to a profit.
What government reforms contributed to the growth of these oil and gas companies?: The Petroleum Industry Act (PIA), deregulation of the downstream sector, and other government reforms aimed at stimulating growth and attracting investment are credited with driving the increase in revenues and profits of these oil companies.
What is the impact of these reforms on the stock prices of the mentioned oil companies?: Stock prices of the mentioned oil and gas companies also rose significantly, with Seplat Energy seeing a 147 percent year-to-date increase. Analysts attribute this to the positive impact of the sector reforms and higher profits, encouraging investment.
What was the overall revenue generated by the six oil and gas companies in the first nine months of 2024?: Six Nigerian oil and gas companies listed on the NGX saw a significant revenue increase of 115 percent to N2.97 trillion in the first nine months of 2024, compared to N1.39 trillion in the same period of 2023. This surge is attributed to increased petroleum product prices and government reforms.
How much did the average retail price of PMS, Diesel and Cooking Gas increase in September 2024 compared to the same period last year?: The average retail price of PMS increased by 64.55 percent, diesel by 59.28 percent, and cooking gas by 59.90 percent year-on-year in September 2024, according to NBS data. These increases directly impacted the profitability of the oil and gas sector.

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