These include crude oil and gas royalties, concession rents, bonuses, production sharing, domestic crude oil supply obligations and the survival of contract stabilization clauses. An indigenous Nigerian company engaged in the Nigerian oil and gas downstream business activities. The widespread criticisms that greeted the 2008 crude lifting contract had prompted the Federal Government to drop 18 of the 42 companies that got the contracts. Checks showed that as part of the efforts to encourage local participation in the lifting contracts, the … The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) […] This comes as the NNPC on Sunday published the names of 15 firms that have been awarded contracts to lift Nigeria’s crude for the 2019/2020 crude oil term from October 1, 2019 to September 30, 2020. Ike Amos. NNPC NNPC Invites Tender for the Sale and purchase of Nigerian ... Key considerations. CRUDE OIL TRADING, MARKETING AND SALES The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. NNPC Invites Bidders for Crude Oil Contracts NNPC Tender process. Nigerian Barrels and the Demand Shock The Nigerian National Petroleum Corporation has invited local and international companies to submit bids to lift Nigerian crude and condensates for 2021. By Bassey Udo. NNPC lists 15 companies with contracts to lift Nigeria’s ... The firms as well as the selected nations would operate on a Government-to-Government […] NNPC GMD, Kyari announces winners of new DSDP oil contracts The 50 companies were among a total of 254 that participated in the bids held last January for the sale and purchase of the Nigerian National Petroleum Corporation (NNPC) equity crude under the 2018/2019 crude oil term contracts. Buying crude oil from Nigeria can be relatively straight forward if the crude oil buyer can buy crude oil from a reliable or genuine crude oil seller (mostly a company that has the ability to lift crude oil from the NNPC) or a crude oil broker (a company who brokers on behalf of a company with the ability to lift crude oil from the NNPC) from the OFF-OPEC market. Crude Oil Trading. The duration of the term contract for the purchase shall be for 12 calendar months (1 year) Requirements for the purchase of crude oil pursuant to the NNPC Act This comes as the NNPC on Sunday published the names of 15 firms that have been awarded contracts to lift Nigeria’s crude for the 2019/2020 crude oil term from October 1, 2019 to September 30, 2020. Domestic crude oil of 445,000 barrels per day is allocated for refining to meet domestic products supply. The Group Managing Director, NNPC, Mele Kyari, disclosed this at the 2020/2021 Crude oil tender prequalification bid opening ceremony in Abuja. The Nigerian National Petroleum Corporation, NNPC, has made the country proud in the week with the release of its 2020 audited report and the posting of ₦287 billion profit after tax in the 2020 financial year. 0. The Nigerian National Petroleum Corporation, NNPC, has awarded a two-year crude oil lifting contract to 50 companies. The rest include: Atam Blend, Okwori, Okoro, Ima, Ukpokiti, Obe, Okwuibome, Ebok and Asaratoru. Mr Kyari said successful bidders would join in lifting over 700,000 barrels per day of crude oil by NNPC on Free on Board (FOB) basis. The Nigerian National Petroleum Corporation (NNPC) says 15 companies have emerged winners of the Direct Sales and Direct Purchase (DSDP) of Crude oil … The remaining crude oil lifted for export was valued at $24.3 million at an average price of $48.92/barrel, with the total value of crude oil lifted on the account of NNPC in December 2020 being about $407.1 million. The oil giant faulted the Minister’s claim that he was not consulted on $10billion Crude Term Contracts. 339 companies bid for 2020/21 crude oil sales contract – NNPC boss. We have exported crude oil out of Nigeria to offshore refineries and IOC’s for over 10 years. nigeria national petroleum corporation. The current 2018-2020 crude term contracts held by over 60 recipients, which were expected to expire in mid-2020, will be rolled over until the end of the year. S & P Global reported that these crudes... | December 1, 2021 No … Major outcome of reforms. The prospective bidder(s) must: The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contract. Carry out inspection of Crude Oil production and shipping facilities i.e. This achievement was the first of its kind since its 44 years existence. The oil giant faulted the Minister’s claim that he was not consulted on $10billion Crude Term Contracts. LAGOS, Feb 22 (Reuters) - Nigerian state oil company NNPC has extended until June its contracts with private companies to swap crude oil for fuels, a … The NNPC plans to launch a new crude oil licensing round in mid–2020, although the licensing round will likely be postponed until after the PIB legislation issue is resolved later this year. Many are local Nigerian companies that are new to the world of international oil trading. 5.2.1 Each vessel which is to load Crude Oil pursuant to this Contract shall be nominated in writing by the BUYER to the SELLER not later than thirty (30) Days before the first day of the date-range in which the BUYER wishes to lift Crude Oil. 190, GARKI- ABUJA, NIGERIA INVITATION TO TENDER (“ITT”) FOR THE 2019 – 2020 DIRECT SALE OF CRUDE OIL AND DIRECT PURCHASE OF PETROLEUM PRODUCT (DSDP) 1. October 16, 2020 12:15 PM. “Gallon” A unit of volume equivalent to 231 cubic inches or 0.3785 cubic meters, all measured at 60 degrees F “Party” shall mean either Seller or Buyer. were 396 companies with NNPC term contracts which exceeded the oil available for sale. Spot prices of Brent, an international crude oil benchmark, and West Texas Intermediate (WTI), a U.S. crude oil benchmark, have risen since their April 2020 lows and are now above pre-pandemic levels. 8. nnpc confirms payment and instructs buyer to pump his cargo of 6m barrels from our qingdao tank farm storage, china, and hand over the original export and vessel documents to the buyer. Mr Kyari said successful bidders would join in lifting over 700,000 barrels per day of crude oil by NNPC on Free on Board (FOB) basis. Good journalism costs a lot of money. (AFRICAN EXAMINER) – In line with its avowed commitment to transparency and accountability in all its activities as committed by the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, the National Oil Company has announced the winners of its 2019/2020 Direct Sale of Crude Oil and Direct Purchase of … The Nigerian National Petroleum Corporation (NNPC) on Thursday dismissed as unfounded and total falsehood, a … August 20, 2020. The NNPC Case: Agenda. The Nigerian National Petroleum Corporation (NNPC) has issued the 2018/2020 crude export contracts to 50 local and international oil traders, including Vitol, Trafigura and Glencore. The group managing director, Mele Kyari, […] The current Nigerian crude oil term contracts (2018-20) involve the export of around 1 million b/d of crude and condensate, out of the 2.2 million b/d Nigeria has the capacity to produce. The Group General Manager, Crude Oil Marketing Division, Mele Kyari, listed some of the conditions potential off-takers were expected to meet under the 2018/2019 crude term contract These include, possessing a minimum annual turnover of $500 million for 2016 and net worth of $250 million for 2016, apart from having the 2015 & 2016 audited accounts. The current 2020 crude term contracts are held by more than 60 recipients, making it the largest list Nigeria has ever allocated. The current Nigerian crude oil term contracts (2018-20) involve the export of around 1 million barrels a day, b/d of crude and condensate, out of the 2.2 million b/d Nigeria has the capacity to produce. Generate data on Crude Oil activities in the country. GABON. This list does not carry any value, but simply state the terms and conditions for the lifting. Gabrich Global is an OFF-OPEC Provisional Lifting Right (PLR) holder with The Nigerian National Petroleum Corporation (“NNPC”), who vested us with Authority To Sell (ATS). Joseph Dawha, group managing director (GMD), Nigerian National Petroleum Corporation (NNPC), has disclosed that the corporation is developing new strategies to capture markets for Nigeria’s crude oil. 320) to engage in all commercial activities relating to Petroleum Operations. TOTSA TOTAL OIL TRADING SA/TOTAL NIG. By Reuters Staff. The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The initial 1-year oil swap contracts to exchange over 300,000 barrels of crude oil per day with 15 company groupings were due to expire in October 2020. Oil price royalty: a new royalty is payable on the basis of the oil price with an additional rate payable of 2.5% for an oil price of US$ 20 – 60 per barrel; 4% for an oil price of US$ 61 – 100 per barrel; 8% for an oil price of US$ 101 – 150 per barrel; and 10% above US$ 150. The November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR) indicates that export sales of crude oil and gas for the month stood at $108.84Million, a 70.33% increase over the value of sales for the previous month. During the week, the Honourable Minister of State for Petroleum Resources, Chief Timipre Sylva, accompanied by GMD Mele Kyari and other industry stakeholders, undertook two crucial Gas sector related endeavours, with potentials for immeasurable value addition to the Nigerian Oil & … Also, unlike the 2017/2018 contracts where all the contracts were for 32,000 barrels per day (bpd) except for Duke Oil Limited, the oil trading arm of NNPC which got a term contract for 90,000bpd, the crude allocations for the 2018/2020 contracts are for 30,000bpd. 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.” Save or instantly send your ready documents. A United Kingdom-based public policy assessment organisation, the Oxford Policy Management (OPM), has interrogated the increase in the number of firms engaged by the Nigerian National Petroleum Corporation (NNPC) to participate in its crude oil lifting contracts and the two-year duration of the contracts from 2018 and 2020, despite the country’s unchanged levels of crude oil … NIGERIAN NATIONAL PETROLEUM CORPORATION NNPC TOWERS, HERBERT MACAULAY WAY, P.M.B. The oil giant faulted the Minister’s claim that he was not consulted on $10 billion Crude Term Contracts. He said that the announcement was in line with the corporation’s commitment […] Sale Options. It has chosen 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. Of the 28 companies granted approval to export between 30 to 60 barrels per day (bpd) of crude oil in 2008, only seven were said to have investments in Nigeria. No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades. By Udeme Akpan. The duration of the Term Contract shall be for period of One year (12 calendar months). NNPC Selects Vitol, Trafigura, Sahara, Oando, 46 Others for Crude Term Contracts The Nigerian National Petroleum Corporation (NNPC) has issued the 2018/2020 crude export contracts to 50 local and international oil traders, including Vitol, Trafigura and Glencore. 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." The current Nigerian crude oil term contracts (2018-20) involve the export of around 1 million b/d of crude and condensate, out of the 2.2 million b/d Nigeria has the capacity to produce. Ripples Nigeria. He said that the Corporation has received bids from over 339 companies for the 2020/21 sales … He said this will include direct sales to refineries and longer term crude sales contracts beyond the current one year. NNPC opens tender for 2018/ 2019 crude oil term contract Share on Facebook Tweet this! The Nigerian National Petroleum Corporation (NNPC) on Sunday released the list of 15 winners of the crude oil lifting contracts 2019/2020 under the Direct Sale of … addendum to bid registration / submission: expression of interest (eoi) for the provision of operations and maintenance (o&m) services for three (3) nigerian national petroleum corporation (nnpc) refineries: port-harcourt refining company (phrc), warri refining and petrochemical company (wrpc), and kaduna refining and petrochemical … 2 Min Read. 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." Easily fill out PDF blank, edit, and sign them. The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m in May 2021, representing 180.29% increase on sales from the previous month of April 2021. Fifty indigenous and foreign companies have been awarded contracts to lift Nigeria's crude for the 2018/2019 crude oil term. By. The NNPC said Kachikwu made an input into the shortlisting of 40 off-takers for the Crude Term Contracts by recommending seven companies, which were engaged. This comes as the NNPC on Sunday published the names of 15 firms that have been awarded contracts to lift Nigeria’s crude for the 2019/2020 crude oil term from October 1, 2019 to September 30, 2020.
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