Nigeria has for long been a major producer of crude oil ever since the first commercial well was drilled in Oloibiri in present day Bayelsa state. The country presently has an estimated 35.3 billion barrels both onshore and offshore assets mostly domiciled in the Niger Delta basin. Nigeria presently ranks tenth in the most petroleum-rich nation, and by the far the most affluent in Africa producing about two million {2,000,000} barrels per day.

Nigeria’s petroleum is classified mostly as “light” and “sweet”, as the oil is largely free of sulphur. Nigeria is the largest producer of sweet oil in OPEC. This sweet oil is similar in composition to petroleum extracted from the North Sea. This crude oil is known as “Bonny light”. Names of other Nigerian crudes, all of which are named according to export terminal, are Qua Ibo, Escravos blend, Brass River, Forcados, and Pennington Anfan.

Sales of crude oil in Nigeria are usually done through the Nigeria National Petroleum Corporation {NNPC} on FOB basis. Prospective buyers can also source the product on the following delivery terms from other source CIF, TTT or TTO.

FOB – Free On Board (named loading port): The classic maritime trade term, seller must load the goods on board the ship nominated by the buyer, cost and risk being divided at ship’s rail. The seller must clear the goods for export.

TTO- Tanker-Taker-Over: As the name suggests refers to a situation where the buyer takes over the hiring of the pregnant vessel along with the product it contains.

TTT- Tanker to Tanker Transfer: This refers to a situation where the buyer hires his own vessel and uses same to purchase products from the seller.

Petroleum products are among the most valuable natural resources abundantly available in our country. Nigerians and people everywhere use petroleum products as a fuel in their automobiles, generating sets, industrial plants and for cooking purposes, thus making petroleum products an essential commodity that is needed for the daily operations of individual, industrial and national activities.

Nigeria being an oil producing nation however still relies on imported petroleum products for the servicing of the economy. Such petroleum products as Petrol (PMS), Diesel (AGO) and kerosene (DPK) are products utilized by almost everybody on daily basis at an average of 60 million litres daily usage. Due to increasing level of standard of living, more Nigerians are increasing the number of cars on the road, the need for constant power supply to aid uninterrupted production of goods and services and also for domestic use more Nigerians are increasing the demand for fuel in order to enjoy the usage of their generating sets and industrial plants

Opportunities also exist to broker deals on the sales of refined petroleum products.

Entrepreneur can earn finder’s fee from the sales of crude oil, refined petroleum products and storage tank rental, lease or sales.

Brokerage services are highly required in the oil and gas industry in order to link a buyer with a seller.

You can order our detailed feasibility report on the investment opportunities in the downstream sector of the oil and gas industry in Nigeria or offering brokerage services in the oil and gas industry in Nigeria by clicking on the link below.

Report Code: FORA/2013/300/1082/84637

Report Code: FORA/2013/300/1082/73524

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