NNPC OPENS SWAP BID

The Nigerian National Petroleum Corporation, NNPC, on Thursday conducted the public opening of bids tendered by a total of 101 Nigerian and multi-national companies competing for the award of Offshore Processing Arrangements, OPA. In the OPA, the NNPC undertakes to allocate a dedicated volume of crude oil for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern. The exercise which was broadcast live on national television and conducted in the full glare of representatives of the Nigerian Extractive Industry Transparency Initiative, NEITI, executives of the bidding companies and other crucial oil and gas industry stakeholders comes as a swift departure from the previous OPA award exercises which were conducted without public participation.