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NNPC Cuts List Of Crude-Oil Buyers From 46 To 16

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As part of measures to optimise the marketing of the nation’s crude oil and secure new market potentials, the Nigerian National Petroleum Corporation (NNPC) on Thursday said it had reduced the number of crude oil off-takers for the proposed 2015/2016 term contract from 43 to 16.

In a statement signed by its Group General Manager, the Group Public Affairs Division, Mr. Ohi Alegbe, said, “In a novel move to instill transparency and probity in the award of the annual crude oil term contract, the NNPC has mapped out measures to execute the 2015/2016 award of contract to companies for the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements.”

It said, “In the days ahead, we shall place advertisement for the 2015/2016 term contracts and the publication will run for one month in major national and international print media to ensure effective message penetration. 

“Later, the guidelines for the selection of new off-takers would be published and subsequently a special bid evaluation committee would be constituted to conduct due diligence on successful applicants.” Alegbe said.

The NNPC also added that “the corporation is extending the invitation for competitive bidding to Forte Oil and Mobil, among others.”

It said, “We are throwing the tender process open for competitive bidding by strong industry players with track records of integrity and financial strength to execute the project.”

The nation sells its oil through annual term contracts awarded by the NNPC to a list of companies, both local and international and the firms are then eligible to buy crude throughout the year.

The list of the 2014-2015 crude oil term contracts, which was released in April last year and expanded in June, showed 28 Nigerian firms among the 43 winners.