05 Jan Nigerian National Petroleum Corporation distributes 2017 oil contracts
OPEC member Nigeria has awarded contracts to 39 oil firms for the upcoming year, via the state-run Nigerian National Petroleum Corporation (NNPC).
The NNPC confirmed that the contracts were worth more than US$72 million per day at current crude oil trading prices.
Beneficiaries include 18 Nigerian companies, 11 international trading houses, five foreign refineries, three national oil companies and two NNPC Group trading arms.
Notable recipients included international oil majors such as the trading arms of BP and Total, while ExxonMobil, Shell and Eni trading arms were overlooked for the contracts covering roughly 1.31 million barrels per day of crude oil.
Dr. Maikanti Kacalla Baru, managing director of NNPC said: “We will ensure transparency and fairness in the process. There is nothing that is hidden just as you have seen today.”