The Nigerian National Petroleum Commission, NNPC has announced that it had approved 21 firms to lift Nigeria’s crude under new one-year term contracts.
According to a statement by NNPC spokesman, Mr. Ohi Alegbe, the bidding exercise “witnessed the unprecedented public harvesting of 278 bids submitted by indigenous and foreign firms seeking to secure contracts for the sale and purchase of the 26 Nigerian crude oil grades on offer,”
Here’s a breakdown of the 2015/2016 crude oil term contract off-takers for the 991,661bpd Nigerian equity crude:
Known big customers:
- Emirates National Oil Coy (ENOC) (60,000 bpd)
- Indian Oil Corporation, (60,000 bpd)
- CEPSA Refinery Madrid (60,000 bpd)
- Sara SPA Refinery (60,000 bpd)
- Trafigura PT Ltd, (32,000 bpd)
- Mercuria Energy Trading SA (32,000 bpd)
- Vitol SA, (32,000 bpd)
International oil companies
- ENI Trading and Shipping SPA, (32,000 bpd)
- TOTSA Total Oil Trading SA, (32,000 bpd)
- Exxon Sale and Supply LLC (32,000 bpd)
- Shell Western Supply and Trading (32,000 bpd)
Nigerian downstream players with wide experience in crude trading and large asset bases accounted for 405,000bpd, representing about 41 per cent of total crude volume on offer.
- Emo Oil & Petrochemical Coy/China Zhenhea – an NNPC long-term trader was allocated 45,000bpd.
- Forte Oil, 45,000bpd
- Northwest Petroleum and Gas Ltd, 45,000bpd,
- Oando Plc, 60,000bpd,
- Sahara Energy Resource Ltd, 60,000bpd,
- A.A. Rano Nig. Ltd, 45,000bpd,
- Eterna Oil, 45,000bpd
- MRS Oil &Gas Coy Ltd 60,000bpd.
NNPC trading companies:
- Calson/Hyson with 32,000bpd
- Duke Oil Incorporated 90,000bpd
“Apart from ensuring transparency, the companies were carefully chosen based on their track records and trading experience to ensure that Nigerian crude cargoes are not left unsold,” Alegbe added.