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TotalEnergies marketing exceeds Q4 revenue projection

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TotalEnergies Marketing Nigeria Plc posted a better-than-expected result in the fourth quarter of 2023, exceeding its revenue and profit projections.

The 2023 unaudited financial statement of the oil marketing firm, filed with the Nigerian Exchange Limited on Monday, showed that it generated N213.38 billion in the fourth quarter, compared to the N138.81 billion revenue it projected in September.

Though its profit before tax stood at N992.89 million, lower than the forecasted N2.31 billion, post-tax tax grew to N2.11 billion instead of the N1.56 billion anticipated for Q4 2023.

A look at the entire year’s figures showed that Totalenergies Marketing revenue rose by 32 percent to N635.95 billion from N482.47 billion in the corresponding period of prior.

However, PBT dipped by 28 percent to N17.61 billion and profit after tax also dipped by 20 percent to N12.93 billion.

In September, TotalEnergies Marketing Nigeria Plc, released its Q4 forecast which projected revenue of N138.81 billion.  Profit before taxation was expected to hit N2.31 billion and income tax expense was projected to be N748.766 million with the profit for the period being N1.56 billion.

In terms of cash flow, the firm projected that net cash generated from operations would be N16.76 billion.

While finance costs rose significantly, the company recorded a net foreign exchange loss of N11.50 billion.

In 2021, Total Group worldwide changed its name to TotalEnergies and adopted a new logo, thereby anchoring the transformation into a broad energy business within the Company’s identity.

Accordingly, the company changed its name from Total Nigeria Plc to TotalEnergies Marketing Nigeria Plc in the same year.

As of December 2023, the parent company, TotalEnergies Marketing Services (incorporated in France) owned 61.72 percent of the issued shares of TotalEnergies Marketing Nigeria Plc. The Parent and Ultimate controlling entity is TotalEnergies S.A (incorporated in France).

The revenue of oil firms increased in the first half of 2023, driven by a surge in fuel prices and increasing global demand.

Recall that fuel subsidy was removed during the period, which led to an increase in the price of petrol across Nigeria.

According to the National Bureau of Statistics, the average retail price paid by consumers for petrol in June 2023 was N545.83, marking an increase of 210.32 per cent relative to the N175.89 recorded in June 2022.

Energy

ANOH gas project can provide electricity for five million homes — Seplat Energy

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The board chairman of Seplat Energy, Udoma Udoma has announced that the newly inaugurated Seplat Energy ANOH Gas Processing Plant can generate electricity for 5 million Nigerians.

Udoma stated this at the commissioning ceremony of the plant, held in Ohaji, Imo State, by President Bola Tinubu.

Built by the ANOH Gas Processing Plant Company (AGPC), the plant is a joint venture equally owned by Seplat Energy and the Nigerian Gas Infrastructure Company (NGIC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

The plant achieved mechanical completion in December 2023, recording no Lost Time Incidents (LTIs) over 12 million man-hours.

With a Phase One processing capacity of 300 million standard cubic feet per day, the ANOH plant is set to deliver dry gas, condensate, and LPG to both domestic and international markets.

Tinubu praised Seplat Energy and its partners for their efforts, stating, “Today is a great day of achievement demonstrating teamwork, commitment, and dedication to duty. I congratulate you for all you have done for the country and for fulfilling this in only 11 months.

“The ANOH gas project strongly aligns with Seplat Energy’s mission of leading Nigeria’s energy transition with accessible, affordable, and reliable energy that drives social and economic prosperity.

“As a testament of our pledge to Nigeria, in partnership with the NNPC Ltd, we have delivered this project that will support the current administration’s drive for industrialization and growth of the economy through low-cost reliable power.

“To put this into context, if all of the gas from this plant went into the power sector, it would produce enough electricity to transform the lives of over 5 million people. Given that Nigeria’s population is growing at a rate of over 5 million per annum, we need one of these plants a year every year just to meet the demand of our new arrivals.

“We appreciate the unwavering support of our partner NNPCL, the cordial relationship with our host communities, Imo state government and the support of all stakeholders that are too many to mention,” Udoma added.

CEO of Seplat Energy, Roger Brown, remarked, “Seplat Energy is pleased with the progressive reforms by President Bola Ahmed Tinubu and his administration. In March 2024, the President signed executive orders to enhance investments in greenfield gas development and midstream capital projects.

“Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently improved gas prices under the DSO, to trigger further investments to the domestic gas sector – our ANOH gas plant will benefit from these reforms and incentives. No doubt, the ANOH’s gas will further reduce Nigeria’s carbon intensity and increase energy supplied to the Nigerian domestic market.”

The commissioning ceremony was attended by Seplat Energy’s board members, management and staff, government officials, institutional partners, traditional rulers, and industry players, among others.

Group CEO of NNPC, Mele Kyari, commented on the collaborative efforts, stating, “The ANOH Gas Processing Plant being commissioned by NNPCL and our partner is in line with Nigeria’s decade of gas agenda and particularly consistent with the administration’s efforts to boost gas supply in the domestic market.”

Imo State Governor, Hope Uzodinma, represented by Deputy Governor Chinyere Ekomaru, congratulated Seplat Energy on the timely completion of the project and expressed optimism about the opportunities it brings to the state.

Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, added, “With a capacity of 600 million standard cubic feet per day, the ANOH Gas Processing Plant is a shining example of advancement. This plant will greatly advance the availability of domestic gas which will boost power generation and hasten industrialisation.”

The ANOH Gas Processing Plant, which is situated in Ohaji, Imo State, is poised to emerge as one of Nigeria’s most important gas initiatives. It would speed up the switch from diesel generators to cleaner, more affordable fuels like natural gas for power generation and enable higher gas production.

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Dangote Refinery seeks 2m barrels of US oil – Report

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Nigeria’s newly constructed Dangote refinery, Lagos is seeking to purchase millions of barrels of US crude oil over the next year as it ramps up processing rates, Bloomberg reported on Thursday.

According to the report, the plant has issued a term tender for the purchase of two million barrels a month of West Texas Intermediate Midland crude for 12 months starting in July.

“The plant, built by Africa’s richest man, Aliko Dangote, issued a so-called term tender for the purchase of two million barrels a month of West Texas Intermediate Midland crude for 12 months starting in July, according to a document seen by Bloomberg. The tender closes on May 21,” the report stated.

Recall that the 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts production.

An earlier report by Bloomberg on April 18 stated that the plant has been shipping products in weeks while readying two units to enable gasoline (petrol) output that will deliver a long-promised transformation of the fuel market both in Nigeria and the region. It attributed this to analysts.

“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” said Alan Gelder, Vice President of Refining, Chemicals, and Oil Markets at the consultancy firm, Wood Mackenzie.

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Energy

530 CNG buses ready for deployment in Lagos, Oyo, Kwara, FCT, others

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The process for nationwide deployment of Compressed Natural Gas (CNG) vehicles has commenced. Not less than 530 buses are to be deployed by the end of the month in six pioneering states.

These are Oyo, Lagos, Kwara, Kogi, Kaduna, Nasarawa, and the Federal Capital Territory (FCT) Abuja.

Programme Director of the Presidential Compressed Natural Gas Initiative (PCNGI) Michael Oluwagbemi stated this yesterday.

It was during the event signaling the commencement of 15-day-long activities ahead of the rollout.

He said the distribution is on a demand-led basis.  He added that efforts would be accelerated at the conversion of diesel and petrol-fuel engines across the country.

According to Oluwagbemi, President Tinubu has directed the PCNGI to ensure the conversion of at least 10 per cent of the total number of vehicles in the country in the first year of the rollout of the initiative.

 

The programme began yesterday in the Southwest with the Presidential (virtual) commissioning of the critical gas supply projects.

 

Today, the team will inspect the Jets and Mikano Factory along with representatives of the Ministry of Labour and workers unions.

Southsouth and Southeast stakeholders engagement will be held tomorrow in Port Harcourt, the Rivers State capital.

Affiliate conversion and refuelling at the Femadec Site as well as an inspection tour of the Total Energies support station are planned.

Another six-day inspection tour of the Kojo Factory at the Enugu-Onitsha Site will begin on May 24 to receive the first set of assembled tricycles, buses, cylinders and kits ahead of the official launch.

The Luojia Assembly Plant for CNG tricycles on the Lagos-Ibadan Expressway will be inaugurated on May 30.

“These programmes are a fulfilment of President Bola Ahmed Tinubu’s promise to drive Nigeria’s energy transition in the transportation sector leveraging CNG and enabling economic growth,” Oluwagbemi stated.

He noted the President’s political will to ensure the full utilisation of natural gas which hitherto was being flared.

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