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1. The Nigerian National Petroleum Corporation (NNPC) is the company wholly owned by the Nigerian government responsible for the sale of government’s share of crude oil produced by the exploration companies. There are four main categories of applicants as follows:-
(a) Upstream investors who have acquired oil Prospecting License (OPL) and have completed a minimum amount of work on the concession. They will be entitled to purchase government crude until they attain full production.
(b) Companies that have built an export oil refinery in Nigeria. So far there is none.
(c) Bonafide and users who own a refinery and retail outlets abroad.
(d) Established and globally recognized large volume trader.
2. We process applications in respect of (c) and (d) above and NNPC requirements are basically:-
(a) The applicant should have a turnover of at least $300 million and a net worth of at least $50 million.
(b) The last three year’s audited accounts, which are to accompany the application, should establish the requirements in (b) above.
(c) Brochures of refinery, business activities or refinery agreements are to accompany the application.
(d) The application is to be addressed to the Managing Director, Nigerian National Petroleum Corporation, Abuja, Nigeria.
3. The application is to be processed by the NNPC in order to ascertain the eligibility of the applicant. After this the application will be passed to higher authorities for approval of a term contract for about one year or more. The contract will be based on a certain number of barrels per day e.g. 10,20,50, 100 thousands. Several factors will be taken into consideration by the government in order to decide on the quantity and type of crude. There are about eight different types, all of which are light i.e. low sulphur content.
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Purchase Of Nigerian Crude Oil
