Nigeria’s oil and gas conglomerate, Nigerian National Petroleum Corporation (NNPC), says it has awarded 1.31 million barrels per day (bpd) of crude oil to 39 companies as part of its 2017 crude term contracts.
The NNPC said in a statement that 18 Nigerian-owned companies, 11 international trading houses, 5 foreign refineries, three foreign state owned companies and two trading arms of the NNPC Group were selected after a transparent bid.
It said the contracts, worth a total of more than US$72 million per day at Tuesday’s crude prices of around US$55.60 per barrel, were each for 32,000 barrels per day (bpd), apart from Duke Oil Ltd, an NNPC Group subsidiary, which had 90,000 bpd.
Group Managing Director of NNPC, Mr Maikanti Baru, said that the group received bids from 224 companies.
Baru explained that the decision to announce the winners reflected NNPC’s commitment to transparency. “We’ll ensure transparency and fairness in the process,” Baru said in a statement.
Some notable companies, which were featured in the contracts for 2016 and 2015 such as Shell, Eni, ExxonMobil, Taleveras, Aiteo, Mercuria and Refiner Saras were not selected in the 2017 rounds.
Under the Government to Government contract, three state-owned oil firms were contracted – Indian Oil Corp. (India–IOC), Sinopec (China) and SacOil (South Africa).
The 11 international trading companies that won the contract include Trafigura, ENOC, BP Trading, Total Trading, UCL Petro Energy, Mocoh Trading, Trevier Petroleum, Heritage Oil, Levene Energy, Glencore and Litasco Supply and Trading.
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