Nigeria’s NNPC has issued its 2016 crude oil term contracts to 21 companies, going directly to international refineries, trading houses and local downstream firms, according to a list obtained by Reuters.
The contracts cover 991,000 barrels per day (bpd) of oil, worth $13.5 billion at current crude oil prices, which is roughly half of Nigeria’s crude oil production of just under 2 million bpd.
The list includes refiners such as Spain’s Cepsa, Italy’s Saras, India’s IOC and ENOC of the Emirates, as well as trading houses Trafigura, Mercuria and Vitol and international oil companies ENI, Total, Exxon and Shell.
The remainder are Nigerian downstream and NNPC trading companies.
The list is pared down from the final 2015 contract list, which comprised 43 companies and did not include any global traders.
