The Nigerian National Petroleum Corporation (NNPC) at the weekend endorsed Masters Energy Oil & Gas, owned by Uchechukwu Sampson Ogah; Oando, wielded by Wale Tinubu; Sahara Energy Resources owned by Toye Cole, Sayyu Dantata’s MRS Oil and 36 other companies as winners of the crude oil term contract, for the purchase and lifting of 1.306 million barrels per day of Nigeria’s crude oil for 2017/2018, effective January 1, 2017.
NNPC, in a statement in Abuja, said that the 39 successful bidders comprised 18 Nigerian companies, 11 international oil traders, five foreign refiners, three National Oil Companies, (NOCs) and two NNPC trading arms. According to the corporation, all the contracts are for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day. Group General Manager, Crude Oil Marketing Division, COMD, of the corporation, Mr. Mele Kyari, said that the contract will run for one year effective January 1, 2017 for consecutive 12 circles of crude oil allocation.
A total of 224 bids were submitted by companies seeking to purchase and lift Nigerian crude oil grades for the period 2017/2018. During the bid opening in November 2016, Group Managing Director of NNPC, Mr. Maikanti Baru, was said to have assured the public that NNPC would ensure due process, transparency and fairness in the selection process. “We will ensure transparency and fairness in the process. There is nothing that is hidden just as you have seen today,” Baru had stated. Baru had also disclosed that the number of companies bidding dropped from 278 in 2015/2016 to 224 at present, due to the strengthening of the criteria for prospective bidders.