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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. 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. were 396 companies with NNPC term contracts which exceeded the oil available for sale. Nigeria invites bids for crude oil lifting for 2021 NNPC Tightens Conditions for Oil Lifting Contracts 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) […] with positive outcome, buyer issues mt103 covering the entire quantity of six million barrels on bonny light crude oil (blco) of nigerian origin. 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. Slide 1 Announcing the results yesterday, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari said the contract will run for one year effective 1st January… NNPC Awards Crude Export Contracts to 50 Dealers NNPC requirement for Nigeria crude oil purchase These include crude oil and gas royalties, concession rents, bonuses, production sharing, domestic crude oil supply obligations and the survival of contract stabilization clauses. Authors: News Agency Of Nigeria. 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. Author oilpriceng Posted on May 28, 2020 May 28, 2020 Categories News Leave a comment on Lockdown: IPMAN commends NNPC for stabilizing oil industry amidst Corona pandemic 28 … The firms as well as the selected nations would operate on a Government-to-Government […] Crude Oil Trading. The corporation disclosed this in a statement issued by its spokesman, Mr Ndu Ughamadu, in Abuja, yesterday. The NNPC also said it has obtained the permission of President Muhammadu Buhari to kick-start the tendering process for the 2015/2016 Crude Oil Term Contract for the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements. Hope dims for refinery operation in The NNPC crude oil tender bid was on Monday made public in line with the Nigeria National Petroleum Company, NNPC’s, commitment to President Muhammadu Buhari’s drive for transparency and accountability in the oil and gas sector. The prospective bidder(s) must: 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 … Collaborate with Nigeria National Petroleum Corporation (NNPC) and its Joint Venture Contract (JVC) partners on the cost of Crude Oil production. Bermuda registered oil and gas company BW Energy provided an update on the operation and development of the operated Dussafu Marin license and the Tortue permits in Gabon. In October, the price of Brent crude oil averaged $84/b, and the price of WTI averaged $81/b, the highest nominal prices since October 2014. 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 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." Okechukwu Nnodim, Abuja. AMG has been very active in the Nigerian oil and gas sector establishing a core position in the downstream crude oil and petroleum products trading and distribution business. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari said on … 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. 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. 339 companies bid for 2020/21 crude oil sales contract – NNPC boss. (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 … An Indigenous Nigerian company engaged in Nigerian Oil and Gas downstream business activities. 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. NNPC opens tender for 2018/ 2019 crude oil term contract Share on Facebook Tweet this! TOTSA TOTAL OIL TRADING SA/TOTAL NIG. 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. Nigeria is almost entirely reliant on imported fuel because of years of neglect at its own refineries. Page 4 of 21 Seller: Contract Code: Page 4 of 21 Buyer: “Metric Ton” shall mean unit of weight equal to one thousand (1000) Kilograms and one (1) metric Ton of Crude Oil shall be equal to 7.4 Barrels of BLCO. An indigenous Nigerian company engaged in the Nigerian oil and gas downstream business activities. 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.” Fifty indigenous and foreign companies have been awarded contracts to lift Nigeria's crude for the 2018/2019 crude oil term. 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. 320) to engage in all commercial activities relating to Petroleum Operations. By Reuters Staff. By Stan Edom. 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. No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades. INTRODUCTION: Nigerian National Petroleum Corporation (NNPC) is empowered pursuant The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari disclosed this at the 2020/2021 Crude oil tender prequalification bid opening ceremony, on Thursday in Abuja. Generate data on Crude Oil activities in the country. 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. He said this will include direct sales to refineries and longer term crude sales contracts beyond the current one year. The oil giant faulted the Minister’s claim that he was not consulted on $10billion Crude Term Contracts. 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 Nigerian National Petroleum Corporation (NNPC) says 15 companies have emerged winners of the Direct Sales and Direct Purchase (DSDP) of crude oil contract for 2019/2020. This list does not carry any value, but simply state the terms and conditions for the lifting. 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 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. Risk of corruption. NOCs’ upstream operations. 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 & … 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 Nigerian National Petroleum Corporation has invited local and international companies to submit bids to lift Nigerian crude and condensates for 2021. 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. NNPC signs term contract with successful bidders CONTRACT AWARD Qualified bidders are selected and formerly communicated to SELECTION OF BIDDERS CONTRACTING PROCESS NNPC -Crude Oil Marketing Division NNPC-COMD 2020 GACN SOUTH EAST Sir Billy Okoye 2020. Oil major Total, along with international oil trading companies Trafigura, Vitol and Glencore, Azerbaijan’s Socar, India’s International Oil Corporation and Russian Lukoil’s trading arm Litasco are some of the companies included in the 2018-20 NNPC term contract list, according to a copy of the list seen by S&P Global Platts. 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 $108.84Million, a 70.33% increase over the value of sales for the previous month. By Bassey Udo. Ripples Nigeria. By. Save or instantly send your ready documents. NNPC Selects Vitol, Trafigura, Sahara, Oando, 46 Others for Crude Term Contracts The Nigerian National Petroleum Corporation (NNPC) has issued the 2018/2020 crude export contracts to 50 local and international oil traders, including Vitol, Trafigura and Glencore. nigeria national petroleum corporation. Key considerations. S & P Global reported that these crudes... | December 1, 2021 Easily fill out PDF blank, edit, and sign them. CRUDE OIL TRADING, MARKETING AND SALES. 1. Oil price royalty: a new royalty is payable on the basis of the oil price with an additional rate payable of 2.5% for an oil price of US$ 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 publication of the list winners is coming shortly after the new Group Managing Director of the corporation, Mele Kyari, promised to make the … The Nigerian National Petroleum Corporation (NNPC) on Thursday dismissed as unfounded and total falsehood, a … He said that the announcement was in line with the corporation’s commitment […] Domestic crude oil of 445,000 barrels per day is allocated for refining to meet domestic products supply. The contract is for one year effective October 1, 2019, till September 30, 2020. This achievement was the first of its kind since its 44 years existence. Crude Oil Pricing Optionality and Contracts for Difference. October 16, 2020 12:15 PM. The NNPC Case: Agenda. Many are local Nigerian companies that are new to the world of international oil trading. NIGERIAN NATIONAL PETROLEUM CORPORATION NNPC TOWERS, HERBERT MACAULAY WAY, P.M.B. Nigerias state oil firm, the Nigerian National Petroleum Corporation (NNPC) has awarded 50 companies with contracts to lift Nigerian … No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades. 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. 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. Details about the awarded term contract are not publicly available, but some informed sources indicate that up to a hundred different companies were involved in 2020 awards. Checks showed that as part of the efforts to encourage local participation in the lifting contracts, the … The Nigerian National Petroleum Corporation, NNPC, has awarded the highly coveted crude term contracts to 26 trading companies made up of both international and local trading firms. “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. 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 oil giant faulted the Minister’s claim that he was not consulted on $10billion Crude Term Contracts. Such … Pricing of Nigerian Crude Oil. The group managing director, Mele Kyari, […] An established globally recognised large volume of crude oil trader. flow stations/platforms and jetties, etc. The Nigerian National Petroleum Corporation (NNPC) has finalised crude term contracts, expected to run from 2021 through 2023. 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 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. Ike Amos. 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 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. 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. Abuja — The Nigerian National Petroleum Corporation (NNPC) Sunday, announced that 15 consortia, made up of 35 foreign and indigenous companies, have emerged winners of its Direct-Sale-Direct-Purchase, DSDP, arrangement for 2019/2020. 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 … According to a statement by the NNPC spokesperson, Ndu Ughamadu, the list of the 36 successful companies in 15 operational groups include: BP OIL INTERNATIONAL LTD./AYM SHAFA LTD. VITOL SA/CALSON-HYSON. 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) on Sunday released the list of 15 winners of the crude oil lifting contracts 2019/2020 under the Direct Sale of …
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