(Ecofin Agency) - The Nigerian National Petroleum Corporation (NNPC) has announced that 224 companies have submitted bids for the lifting and sale of crude oil in the next 12 calendar months.

The corporation, while kick starting the bid opening session in Abuja, stated that from the 278 that applied for the job in 2015, the list has dropped to 224, adding that the introduction of new requirements in the bidding process brought about the reduction in the numbers. According to the Group Managing Director of the NNPC, Maikanti Baru (photo), about 700,000 barrels per day of oil, including Joint Venture and Production Sharing Contract volumes, will be put out for lifting within the term and the process is expected to be concluded in February 2017.

“Our focus as a national oil company is to enhance our production volumes, ensure the best value is realized through competitive marketing of our crude grades to international refineries and traders. In line with this aspiration, NNPC is collaborating with key stakeholders to improve on the overall security of our production sites and to ensure the safety of our environment. Today, we are therefore opening this bid before the entire world in line with President Muhammadu Buhari’s drive for transparency and accountability in the conduct of government business. We received 224 bids as at the 12:00 noon‎ deadline today. May the best bids win,” he said.

‎Anita Fatunji