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NNPC: 224 firms submit bid to lift Nigerian crude oil grades

224 companies seeking to buy and lift Nigerian crude oil grades for 2016/2017 have submitted bids.

 Transparency was sustained in the operations of the Nigerian National Petroleum Corporation, NNPC with the public opening of bids on Thursday.

Successful companies would participate in the lifting of about 700, 000 barrels per day of crude oil on offer by the NNPC on Free on Board (FOB) basis subject to the execution of sales and purchase agreement with buyers.

The event was broadcast live on a national television network and had in attendance representatives of the bidding companies and officials of relevant agencies as observers.

The agencies include the Bureau of Public Procurement, BPP, Department of Petroleum Resources, DPR and Nigerian Extractive Industries Transparency Initiative, NEITI.

Other are Nigerian Content Development and Monitoring Board, NCDMB, and some members of the civil society.

Speaking at the event, Group Managing Director of the NNPC, Dr. Maikanti Baru, said that the public bid opening was in consonance with the transparency and accountability agenda of President Muhammadu Buhari in the oil and gas industry.

‘’We do everything transparently in NNPC and also ensure fairness in all the transactions that we do; , there is nothing that is hidden just as you have seen today’’, Baru stated.

He indicated that the exercise was targeted at getting competitive bids from refiners, and also big traders, as well as companies that have made substantial investment in the oil and gas industry particularly in the downstream sub-sector in Nigeria.

The GMD dismissed insinuation that Nigerian crude grades were receiving low patronage in the international market noting that the demand for Nigerian crude remained high because of its low sulphur content.

The 26 Nigerian crude oil grades on offer include : Bonny Light, Forcados Blend, EA Blend, Bonga, Qua Iboe Light, Yoho Blend, Erha and Escravos Light. 

Others are; Pennington Light, Agbami, Brass Blend, Abo, Oyo, Okono Blend, Amenam Blend, Akpo Condensate and Usan. The rest include : Atam Blend, Okwori, Okoro, Ima, Ukpokiti, Obe, Okwuibome, Ebok and Asaratoru

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