January 4, 2017


Martin Patience
BBC News, Nigeria correspondent


[image: Inline image 1]AFP
Oil is the Nigerian government's main source of revenue

The state-owned Nigerian National Petroleum Corporation (NNPC) has awarded
its crude oil contracts to 39 companies for 2017.

Almost half of the firms are Nigerian but international winners included
China’s Sinopec, British Petroleum (BP) and France's Total. The contracts
cover around 1.3 million barrels of oils produced a day.

By announcing the winners, the state-owned oil company said it was seeking
greater transparency when it comes to awarding contracts.

Previous deals have been shrouded in secrecy leading to accusations of
widespread corruption.

At current oil prices, the contracts for more than half of Nigeria’s oil
production are worth more than $70m (£57m) a day.

Oil sales are crucially important for the government, accounting for around
two thirds of its revenue.

But they also generate American dollars, which are vital to the health of
the overall economy suffering from its worst crisis in decades.

Nigeria’s production normally tops two million barrels of oil a day. But
last year, petroleum facilities were hit by a wave of militant attacks in
the Niger Delta, slashing production by as much as a third.










-- 
Ann Marie

"The art of living consists of knowing what to pay attention to and what to
ignore."  -- Mardy Grothe

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