The Nigerian National Petroleum Corporation (NNPC), said, as part of the measures to optimize the marketing of Nigeria’s crude oil and secure new market potential, the number of off-takers for the proposed 2015/2016 term contracts, which would emerge after a planned rigorous competitive bid has been slashed from 43 to 16.

This development was aimed at instilling transparency and probity in the award of the annual crude oil term contracts such as evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements.

A statement by the corporation’s spokesman, Mr. Ohi Alegbe, said: “In the days ahead, we shall place advertisements for the 2015/2016 term contracts and the publication will run for one month in major national and international print media to ensure effective message penetration.

Alegbe added that “Later, the guidelines for the selection of new off-takers would be published and subsequently a special bid evaluation committee would be constituted to conduct due diligence on successful applicants.”

NNPC also clarified that apart from the earlier listed industry operators whose performance trajectory impressed its management to invite them to bid for the proposed Offshore Processing Agreements (OPAs), the corporation extended the invitation for competitive bidding to Forte Oil and Mobil Oil, among others.

“We are throwing the tender process open for competitive bidding by strong industry players with track records of integrity and financial strength to execute the project,” NNPC stated.

He hinted that the criteria for their selection would be stringent to ensure that “arm chair” companies which have short-changed the federal government in the past are not selected.