Tag Archives: Oil Swap

NNPC Signs New Oil Swap With Foreign Companies

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Nigerian National Petroleum Corporation, NNPC, has set up four new crude swap contracts to replace those cancelled last month that were vital for bringing in about half of domestic fuel demands, industry sources disclosed.

NNPC cancelled the 2015 deals with Nigerian companies Sahara Group, Aiteo Group and NNPC’s trading arm Duke Oil because they were alleged to have been “skewed in favour of the companies.”

Though there is a change to the new contract winners, it’s unclear whether these will be more transparent.

Read More: nationalmirroronline

Termination Of Oil Swap Deal Will Save Nigeria $13.8 Million Daily

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The termination of the controversial offshore dispensation and oil swap agreements by president Muhammadu Buhari, may save the country an average of 230,000 barrels a day. At a market price of an average of $60 per barrel, the country would be saving about $13.8 million of crude oil daily.

Nigerian National Petroleum Corporation (NNPC) data show that the corporation allocated just over 79 million barrels (or roughly 218,000 barrels a day) to swaps in 2011 alone. This accounted for nearly half of the Domestic Crude Allocation (DCA) and around a tenth of the country’s average daily production.

Read More: ngrguardiannews