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25 Nov 2016

Nigeria Oil Bloc: Buhari Fulfils First Demand of Niger Delta Leaders

Following the meeting President Muhammadu Buhari had with the leaders from Niger Delta region, companies from the region will be awarded contract to lift crude oil in 2017 as the Nigerian National Petroleum Corporation (NNPC) unveils bids for the contract award today.

Industry sources told Dailytrust that the reason companies from the region may be getting the preferential treatment might not be unconnected with the meeting Niger Delta leaders had recently with President Muhammadu Buhari, where they submitted a 16-point demands among which are allocation of oil blocks and contracts to local companies from the region.

There are currently 27 companies holding the 2016 crude lifting contracts including both local and foreign companies.

It was gathered that NNPC will award fewer contracts for 2017 and indigenous oil traders Sahara Energy, Oando and MRS who are current contract holders could be re-awarded the 2017 oil contract.

The crude oil term contracts involve the export of around 1 million barrel per day of Nigerian crude out of the 2.2 million the country produces. The crude is then sold by contract holders to end-users, refiners and other buyers.

Bids for the contracts valid for one year beginning from January 1 will be unveiled at the NNPC Towers today while winners will be announced later.


Source: Dailytrust

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