Why NNPC Contracts Vitol, 25 Others to Handles New Crude Lifting Contracts? 

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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.

According to the Exclusive report by THEWILL Duke Energy, Sahara, Oceanbed Trading, Vitol, Levene Energy, Oando, Bono Energy, Mocoh Energy, BP Oil and West Africa Gas Limited are some of the approved traders, who submitted bids for the contracts and were awarded deals.

The contracts,  THEWILL further noted were issued last week to the winners, are for a period of two years – 2021 – 2023.

The other beneficiaries are Emadeb, Litasco SA, Petrogras Limited, AA Rano, Hyde Energy, MRS, Matrix, Brittania-U, Masters Energy, AMG, Casiva, Barbedos, Mercuria, Trafigura, Vitol, Hindustan, Petramina.

The companies are expected to lift at least 1 million barrels of crude per day out of the country’s output of around 1.5 million barrels per day due to OPEC+ cuts.

On September 2, 2020, the NNPC invited local and international companies to bid to lift Nigerian crude oil and condensate.

The tender document said 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” could apply.

THEWILL checks further revealed that the NNPC also gave government-to-government contracts to the following countries according to the compilation seen by THEWLL. China, Ivory Coast, South Africa, Niger, Senegal, Fujairah, Turkey, Liberia, Ghana, Togo, Sierra Leone and India


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