NIGERIA - Part 3 - Exports & Logistics.Nigeria's exports of crude oil and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. now average about 2.28m b/d. The state-owned Nigeria National Petroleum Corp. (NNPC NNPC Nigerian National Petroleum Corporation NNPC Nigerian National Petroleum Company ) accounts about 1.39m b/d, with the remaining 890,000 b/d exported by foreign and local oil operators and their partners. NNPC is importing about 120,000 b/d of gasoline and kerosine kerosene, kerosine see paraffin (2). and about 20,000 b/d of crude oils. NNPC's total crude oil and condensate entitlements average about 1.63m b/d. Of these, about 240,000 b/d go to Nigeria's oil refining sector. NNPC markets its exports partly through trading companies under term deal and partly in direct term deal with foreign firms. Calson, a trading JV with NNPC, is buying about 235,000 b/d under two term contracts, of which it markets 205,000 b/d and the remaining 30,000 b/d are marketed by trader Vitol. Vitol is buying 60,000 b/d under a term deal with NNPC and marketing another 60,000 b/d for one of NNPC's term clients. Napoil, another trading JV with NNPC, is buying 20,000 b/d under a term contract and the volume is being marketed by trader Trafigura. Duke Oil, a 100% trading unit Trading unit The number of shares of a particular security that is used as the acceptable quantity for trading on the exchanges. trading unit See unit of trading. of NNPC, buys and markets 20,000 b/d for the national firm. The above crude oil entitlements and export figures exclude crude oils being stolen and are unaccounted for An inclusive term (not a casualty status) applicable to personnel whose person or remains are not recovered or otherwise accounted for following hostile action. Commonly used when referring to personnel who are killed in action and whose bodies are not recovered. in this survey. Oil theft is one of the problems the Nigerian government is yet to resolve. For years Shell has been complaining of crude oil thefts. Most of Nigeria's crude oil exports go to Europe and the US, with Asia having become an increasingly important market as well. A major part of crudes sold by NNPC and foreign companies go to the spot market. PetroChina, a trading arm of China's biggest state-owned group CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) , has been active on the spot market buying Nigerian crude. Chinese refiner Sinopec has a term contract with NNPC for 50,000 b/d being lifted by its trading arm Unipec. PetroChina also has a term contract with NNPC for 30,000 b/d. Shell, the biggest oil producer in Nigeria, has having its 42-year-old Bonny Island Bonny Island is situated at the southern edge of Rivers State in the Niger Delta of Nigeria. In the early 1990s the Federal Government of Nigeria, in collaboration with 3 international partners, Shell Gas BV., CLEAG Limited [ELF] and AGIP International BV. oil export terminal upgraded and expanded. When completed, the facility will be able to export 1.5m b/d. The $600m project is to be completed in 2006. |
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