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Nigeria finalises winners of coveted two-year crude oil contracts - sources

Published 14/05/2021, 16:33
Updated 14/05/2021, 16:36
© Reuters.

© Reuters.

By Libby George and Julia Payne
LAGOS/LONDON, May 14 (Reuters) - Nigeria has finalised the
list of companies and countries that will take its coveted crude
oil cargoes through 2023, six sources told Reuters.
The 26 companies and 12 governments will have the right to
sell and trade some of the more than 1.5 million barrels per day
(bpd) produced by Nigeria, Africa's top oil exporter, from 2021
to 2023.
One of the sources said the winners would each have the
right to purchase two cargoes annually. A total of 320,000 bpd
was allotted to oil-for-fuel swaps that provide the bulk of the
gasoline for the largest consumer in West Africa. 1 SAHARA ENERGY RESOURCES
LIMITED
2 OCEANBED TRADING LIMITED
3 LEVENE ENERGY
4 OANDO PLC
5 BONO ENERGY
6 MOCOH ENERGY
7 DUKE ENERGY
8 BP OIL
9 WEST AFRICA GAS LIMITED
10 EMADED
11 LITASCO SA
12 PETROGAS LIMITED
13 A.A. RANO
14 HYDE
15 MRS
16 MATRIX
17 BRITANNIA-U
18 MASTERS
19 AMG
20 CASIVA
21 BARBEDOS
22 MERCURIA
23 TRAFIGURA
24 VITOL
25 HINDUSTAN
26 PERTAMINA
GOVERNMENT TO GOVERNMENT
1 CHINA
2 NIGER
3 COTE D'IVOIRE
4 GHANA
5 INDIA
6 TOGO
7 SOUTH AFRICA
8 SIERRA LEONE
9 LIBERIA
10 TURKEY
11 SENEGAL
12 UAE
State oil company NNPC did not immediately comment.
NNPC issued the tender for the contracts in September last
year, but the process was delayed several times. Sources told
Reuters one complication was the rehabilitation of the Port
Harcourt oil refinery, which NNPC was working to finance with
the backing of oil cargoes. Crude oil contracts awarded in 2018 lasted for two years. A
full list was never published, but sources told Reuters it
included least 100 companies. [https://reut.rs/2GmPBNP
]
Roughly 90% of Nigeria's foreign exchange and half its
budget come from oil and gas exports. An oil price crash amid
the COVID-19 pandemic, and production cuts as part of an
agreement with the Organization of the Petroleum Exporting
Countries and other producers severely constrained Nigeria's
revenues and helped push it last year into its second recession
in four years.

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