Petroleum Africa
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Wednesday, October 28, 2015
NNPC is now auctioning off its annual crude grades on live television; the first auction took place on October 27. The move to auction off its crudes live on television is enmeshed in President Muhammadu Buhari’s bid to crush corruption in the oil and gas sector and boost transparency.
An NNPC official told the auction that the current number of 43 contract holders would be reduced by at least one-third so that companies could be sure they will get oil.
“This is not business as usual. This is going to be different,” he said. Previously, tenders were published in newspapers.
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