The list of companies vying to secure term contracts for the sale and purchase of the Nigerian crude oil grades have now increased to 278 including companies like Italian Oil giant Eni, India’s national oil company, Indian Oil Corporation Limited, Forte oil, Eterna Plc., Niger Delta Petroleum Resources Ltd and MRS.

The Nigerian National Petroleum Corporation (NNPC) had in August published tender notices for capable oil companies to bid for term contracts for the sale and acquisition of Nigerian crude oil grades. However, their bids was opened at the NNPC headquarters in Abuja yesterday.

As a matter of fact, only 16 companies out of the companies that submitted tenders are to be selected for the contract. Additionally, the companies that emerge are to lift approximately 900,000 bo/d within a period of 12 months starting from January 2016, Energy mix reports.