Obat Oil, 47 others set to lift Nigeria’s crude oil 

Following the tactical rebranding, which the company underwent in the last few months ago, the Nigerian National Petroleum Corporation, (NNPC,) has named Obat Oil & Gas, among the fifty indigenous and foreign companies that have been awarded contracts to lift Nigeria’s crude oil for the 2018/2019 crude oil term.

The 50 companies are among a total of 254 that participated in the bids held last January for the sale and purchase of the Nigerian National Petroleum Corporation (NNPC) equity crude under the 2018/2019 crude oil term contract.

At the bids-opening ceremony in January, the Group General Manager, Crude Oil Marketing Division, Mele Kyari, listed some of the conditions potential off-takers were expected to meet under the 2018/2019 crude term contract, which include, possessing a minimum annual turnover of $500 million for 2016 and net worth of $250 million for 2016, apart from having the 2015 & 2016 audited accounts.

While, the Nigerian National Petroleum Corporation, (NNPC), spokesperson, Ndu Ughamadu, said eventual winners would be selected as licensed off-takers to trade on Nigeria’s equity crude for a 12 months period.

Other indigenous beneficiaries are Oando, Sahara Energy, MRS Oil and Gas, AA Rano, Bono, Masters Energy, Eterna Oil and Gas, Cassiva Energy, Hyde Energy and Brittania U Northwest Petroleum, Optima Energy, AMG Petroenergy, Arkiren Oil and Gas Limited, Shoreline Limited, Entourage Oil, Setana Energy and Prudent Energy.

In the realm of this development, the chairman of the company, HRH, Oba Frederick Obateru Akinruntan, the Oluigbo of Ugbo Kingdom, assured of making huge profits in the foreseeable future.

Under the capable management of his son, Prince Akinfemiwa Akinruntan, who has been at the helms of affairs of the company since 2013, Obat Oil and Petroleum Limited, has been making giant strides, which have led to increased service delivery and customer satisfaction.