• 3 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 5 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 6 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
Oil Is Stuck In A Range, Waiting For A Catalyst

Oil Is Stuck In A Range, Waiting For A Catalyst

Oil bulls might have become…

Big Oil Refuses To Give Up On The Barents Sea

Big Oil Refuses To Give Up On The Barents Sea

Despite failures in the Barents…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Domestic Companies To Get A Larger Slice Of Nigeria’s Oil Pie

Nigeria

Contracts for crude oil production in Nigeria for the 2017 term will be awarded in the middle of December, according to a source from the Nigerian National Petroleum Corp.

"The crude tender will close on November 24 and we expect to have new contracts in place before the end of the second week of December," Mele Kyari, a senior level official in charge of crude oil marketing at the NNPC said in a statement released on Wednesday.

The contracts, which include deals to distribute and refine crude, encompass 1.17 million barrels per day of Nigerian oil exports – more than half of the west African country’s 2.2 million bpd of production.

Earlier this quarter, the national petroleum company released the requirements for a successful bid for one-year oil lifting contracts beginning on January 1st. All documents must be in by November 24th, the NNPC’s announcement states.

This year’s contracts have been distributed between 27 foreign and domestic firms, according to S&P Platts, but this year’s tenders are more likely to be awarded to Nigerian companies, analysts say.

"We could also see domestic Nigerian companies getting a larger slice of the pie," an oil analyst based in Lagos told Platts.

Related: Could Trump’s Victory Render OPEC’s Output Deal Irrelevant?

On Tuesday, news broke that the Niger Delta Avengers – the militant group that has been at the forefront of the oil-rich delta’s insurgency against Lagos for the inequitable distribution of wealth in the country – attacked the Trans Forcados pipeline for the third time in a week.

According to the NDA, the last bomb was a new warning to oil companies to stop repairing damaged oil infrastructure. The attacked line is operated by Shell.

Last week, militants had attacked the pipeline just two days after Trans Forcados, which feeds Shell’s 400,000-bpd export terminal, resumed operations following a July attack. That attack came just hours after Nigerian President Muhammadu Buhari had met with leaders in the Niger Delta to broker some kind of a peace agreement in the restive oil-rich region.

Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News