NNPC preparing to release guidelines for new oil lifting term contracts

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A reliable source within Nigeria’s state-owned oil company has disclosed that the Nigerian National Petroleum Corporation (NNPC) would invite new tenders from the prospective bidders for the sale and purchase of Nigerian crude oil grades in a matter of weeks, THISDAY reports.

According to the source, the term contract would focus again on refiners, national oil companies, larger international and local oil traders. It would also be open for scrutiny by relevant government agencies and the public to ensure it meets up with the federal government’s reported desire for transparency and accountability in NNPC’s businesses.

The NNPC source who preferred not be mentioned stated that bidders for the new term contract would be grouped into four categories of refineries, government to government arrangements (bilateral relationships), established and globally-recognised large volume crude oil traders, as well as indigenous Nigerian companies engaged in petroleum downstream businesses in the country.

The bidders, the source further explained would be given some good time to make their submissions, hence the decision of the corporation to put out the notice soon. The source equally stated that applications for considerations may be extended by the NNPC to the second week of January 2018, to ensure that bidders in the one-year term contract are adequately prepared before the final selection is made.