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244 Firms Bid For Nigerian Crude Grades

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SAN FRANCISCO, November 24, (THEWILL) – The Nigerian National Petroleum Corporation, NNPC, says about 224 firms have bidded to purchase and lift Nigerian crude oil grades for the period 2016/2017, adding that successful companies would participate in the lifting of about 700, 000 barrels per day of crude oil on offer on Free on Board, FOB, basis subject to the execution of sales and purchase agreement with buyers.

The 26 Nigerian crude oil grades on offer include: Bonny Light, Forcados Blend, EA Blend, Bonga, Qua Iboe Light, Yoho Blend, Erha and Escravos Light. Others are; Pennington Light, Agbami, Brass Blend, Abo, Oyo, Okono Blend, Amenam Blend, Akpo Condensate and Usan. The rest include: Atam Blend, Okwori, Okoro, Ima, Ukpokiti, Obe, Okwuibome, Ebok and Asaratoru

The Corporation explained in a statement that the bid event which was broadcast live on a national television network was attended by representatives of the bidding companies and officials of the Bureau of Public Procurement, BPP, Department of Petroleum Resources, DPR, Nigerian Extractive Industries Transparency Initiative, NEITI, Nigerian Content Development and Monitoring Board, NCDMB, and some members of the civil society as observers.

The Group Managing Director of the NNPC, Dr. Maikanti Baru disclosed at the event that the public bid opening alligns with the transparency and accountability agenda of the President Muhammadu Buhari government in the oil and gas industry.

''We do everything transparently in NNPC and also ensure fairness in all the transactions that we do. There is nothing that is hidden just as you have seen today,” he said.

Baru indicated that the exercise was targeted at getting competitive bids from refiners, and also big traders, as well as companies that have made substantial investment in the oil and gas industry particularly in the downstream sub-sector in Nigeria.

While dismissing insinuations that Nigerian crude grades were receiving low patronage in the international market, he insisted that the demand for Nigerian crude remained high because of its low sulphur content.