• 3 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 2 days Statoil Changes Name
  • 3 days Tillerson just sacked ... how will market react?
  • 2 days Russian hackers targeted American energy grid
  • 1 day Is $71 As Good As It Gets For Oil Bulls This Year?
  • 3 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 3 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 1 day Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 2 days Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 2 days HAPPY RIG COUNT DAY!!
  • 3 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 3 days Why is gold soooo boring?
  • 3 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 1 day Spotify to file $1 billion IPO
Oil Prices Rise Despite Climbing Rig Count

Oil Prices Rise Despite Climbing Rig Count

The oil rig count rebounded…

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


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