State-run Nigerian National Petroleum Corporation (NNPC) has awarded its 2017 crude oil term contracts to 39 companies, Reuters reported.
The contract is to run from January 2017 to the January 2018 and covers about 1.31mb/d, informed Olisa TV. The 39 winners comprise of 18 Nigerian companies, 11 international trading houses, five foreign refineries, three national oil companies and two “NNPC Group trading arms.”
According to NNPC, the contracts, worth a total of more than $72m/d at current crude prices of around $55.60 per barrel, were each for 32,000b/d of crude, apart from Duke Oil Ltd’s contract, an NNPC Group subsidiary, which was for 90,000b/d.
China’s Sinopec and India’s Indian Oil Corp were among the winners, as were international firms including the trading arms of BP and Total and trading houses Litasco and Glencore. Absent from this year’s list were the trading arms of oilmajors ExxonMobil, Shell and Eni, trading houses Mercuria andTaleveras and refiner Saras, all of whom were on the 2016contract list. Vitol’s trading arm was also not on the list,although, Varo Energy, a joint venture between Vitol and privateequity firm Carlyle Group, was included.