Africa Press-Nigeria:<\/p>\n
The Nigerian National Petroleum Corporation (NNPC) has invited local and international companies to submit bids to lift Nigerian crude and condensates for 2021.<\/p>\n
S & P Global reported that these crudes normally command a premium to Dated Brent, since they are largely light and sweet, making them rich in gasoline and middle distillates, and so are popular with global refiners.<\/p>\n
However, the Nigerian crude oil has continued to depend on Asia and Europe as its two main destinations.<\/p>\n
Bids for these contracts, which will be valid for one year, are to be submitted by 12:00 pm Nigerian time October 15, according to the tender document released by NNPC.<\/p>\n
The document specifies that refiners, companies forming part of a government-to-government arrangement, global crude oil traders and “indigenous Nigerian companies engaged in Nigerian oil and gas downstream activities” can apply.<\/p>\n
The current Nigerian crude oil term contracts (2018-2020) involve the export of around 1 million barrels per day (mbpd) of crude and condensate, out of the 2.2 million b\/d Nigeria has the capacity to produce.<\/p>\n
The guidelines said the crude will continue to be sold on a FOB basis, “subject to the execution of a sales and purchase agreement with selected buyers.”<\/p>\n
Sources said the current contract, which had been expected to expire in mid-2020, will be rolled over until the end of the year. The current 2018-20 crude term contracts are held by more than 60 recipients, making it the largest list Nigeria has ever allocated.<\/p>\n
A sizeable chunk of these are domestic Nigerian companies that are new to the world of international oil trading.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has invited local and international companies to submit bids to lift Nigerian crude and condensates for 2021. S & P Global reported that these crudes normally command a premium to Dated Brent, since they are largely light and sweet, making them rich in gasoline and middle distillates, […]<\/p>\n","protected":false},"author":62,"featured_media":16966,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[434,228],"class_list":["post-29457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-nnpc","tag-oil-production"],"yoast_head":"\n