The Nigerian National Petroleum Corporation (NNPC) has selected 26 foreign and local firms including twelve (12) countries to lift the country’s crude oil for the twenty four months.
The crude term pacts, expected to run from this year through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company.
The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August.
The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption.
