The Federal Government said plans were ongoing to increase the crude lifting allocation of the Nigerian National Petroleum Corporation (NNPC) and its trading partners from 40% to 80%. The Managing Director of NNPC Trading Limited, Ibrahim Waya made the disclosure while speaking with newsmen in Abuja on Monday.
According to him “in January 2017, the federal government awarded one-year crude lifting contracts, covering about 1.31 million barrels per day, to 39 companies, 18 of them Nigerian, 11 international trading houses, five foreign refineries, three national oil companies and two NNPC trading arms.
He explained that “all the contracts are for 32,000 barrels per day except Duke Oil Ltd, an arm of the NNPC, which trades 90,000 barrels per day.”
Waya stated that following the review, some local beneficiaries would have their quota reduced. He listed the affected beneficiaries to include Eterna Oil and Gas, Cassiva Energy, Hyde Energy, Brittania-U and Northwest Petroleu. Others include Shoreline Limited, Oando Trading, Sahara, MRS Oil and Gas, A.A. Rano, Bono, and Masters Energy.
International companies that will be affected are rafigura, ENOC Trading, BP Trading, Total Trading, Heritage Oil and Glencore. Others, he said are India Oil Company, Sinopec of China and Saccoil of South Africa fall under the government-to-government category.
