Author Topic: Nigeria Awards 39 Oil Contracts  (Read 1188 times)

HeidsterTrades

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Nigeria Awards 39 Oil Contracts
« Topic Start: January 04, 2017, 08:36:19 AM »
The Nigerian National Petroleum Corp. has awarded 39 different companies contracts to expand oil and gasoline production in the country.  The country has been exempted from the recent OPEC agreements due to all of the damage done over the spring to pipelines and other infrastructure last spring due to Nigerian Delta Avengers. 
The contracts are for one year to start and all but one are for 32K barrels a day with one contract for 90K issued to Duke oil.  That is a projected approximate number of 1.3 million barrels of oil production a day.
Quote
No U.S. refineries were listed among the recipients of the new terms. Swiss trader Trafigura, the trading arms of British supermajor BP and France's Total were among the international players.
 

Nigeria reported its oil production at 1.8 million barrels per day for November 2016.  Should all of these companies succeed Nigeria will almost double its oil production by this time next year.

For more reading please see: "Dozens of companies land Nigerian crude oil contracts"

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TradersCom

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Re: Nigeria Awards 39 Oil Contracts
« Reply #1: January 04, 2017, 09:42:51 AM »
Heidi I noted 18 Nigerian companies made the list, along with 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms.

There were over 220 bids submitted by companies seeking to purchase and lift Nigerian crude oil grades for 2017.
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TradersCom

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Nigeria December oil output at 1.9 mbpd
« Reply #2: January 09, 2017, 10:23:43 AM »
Nigeria's oil minister said production at 1.9 mbpd in December. Nigeria had targeted 2.2mbpd last year but fell far short with some periods as low as 0.9 mbpd due to rebel attacks.

Recall Nigeria and Libya are exempt from OPEC quotas. As such a they are the major wildcards with more than 2mbps of spare capacity.

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