Forte Oil, Oando win Nigeria's 2016 Crude Oil Contracts


Thursday, December 17, 2015 6:41 PM / CardinalStone Research 

Indigenous companies, Forte Oil Plc and Oando Plc were among 21 companies handed crude oil term lifting contracts for 2016 by the Nigerian National Petroleum Corporation.

The contracts cover 991,000 barrels per day (bpd) of oil, worth US$13.5 billion at current crude oil prices, which is roughly half of Nigeria's crude oil production of around 2 million bpd.

The list includes refiners such as Spain's Cepsa, Italy's Saras, India's IOC and ENOC of the United Arab Emirates, as well as trading houses - Trafigura, Mercuria and Vitol and international oil companies - ENI, Total, Exxon and Shell.

The list is pared down from the final 2015 contract list, which comprised 43 companies and did not include any global traders.

Related News