224 companies bid for Nigerian crude oil lifting contract

Nigeria oil bidThe bidding process is expected to be completed by February 2017. (Image source: Kayla Sawyer/Flickr)The Nigerian National Petroleum Corporation (NNPC) has revealed that 224 companies have submitted bids seeking to be awarded contract to purchase and lift its crude oil grades for the 2016/17 term

At the formal bidding session at its headquarters in Abuja the NNPC stated that was bidding, which is expected to be concluded in February 2017, was a demonstration of the transparency in the operations of the corporation. The number of bidders this year has dropped from 278 that applied for the job in 2015. The corporation commented that the reduction in numbers was due to the introduction of new requirements in the bid process.

‘’We do everything transparently in NNPC and also ensure fairness in all the transactions that we do. There is nothing hidden, just as you have seen today,” NNPC group managing director Maikanti Baru said.

According to Baru refiners and big crude oil lifters will be given priority in the process. The exercise was targeted at getting competitive bids from refiners, big traders and companies that have made substantial investments in the country’s oil and gas industry. He pointed out the about 700,000 bpd, including joint venture and production sharing contract volumes, will be put out for lifting by the state-owned oil company on free on board (FOB) basis within the term.

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