The Nigerian National Petroleum Corporation (NNPC) announced on Thursday, August 27, that it had reduced the number of crude oil off-takers for the proposed 2015/2016 term contract from 43 to 16.
The organization explained that the move was part of measures to optimise the marketing of the nation’s crude oil and secure new market potential.
In a statement the NNPC said: “In a novel move to instill transparency and probity in the award of the annual crude oil term contract, the NNPC has mapped out measures to execute the 2015/2016 award of contract to companies for the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements. In the days ahead, we shall place advertisement for the 2015/2016 term contracts and the publication will run for one month in major national and international print media to ensure effective message penetration. Later, the guidelines for the selection of new off-takers would be published and subsequently a special bid evaluation committee would be constituted to conduct due diligence on successful applicants.”
The organization added that apart from the earlier listed industry operators whose performance trajectory impressed the management of the corporation to invite them to bid for the proposed Offshore Processing Agreements.
“We are throwing the tender process open for competitive bidding by strong industry players with track records of integrity and financial strength to execute the project,”the statement says.
Nigeria sells crude oil according to the contracts with numerous domestic and local companies.
The 2014-2015 list of the companies includes 28 Nigerian firms among the 43 winners.
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