W. Africa Crude-Nigeria’s Forcados set to return, Indian IOC issues new tender

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LONDON May 9 (Naija247news) – Nigerian and Angolan June-loading cargoes were slowly clearing after a few deals and fresh offers, though light crude is set to become even more competitive with the return of Nigeria’s Forcados.

Shell is testing Nigeria’s Trans Forcados crude export pipeline for a potential restart of 200,000-240,000 barrels per day. The first tanker since November is due to load by the weekend.

Sources said that there was no update on future cargoes.

NIGERIA

* No fresh offers were heard on Bonny Light.

* Shell offered a cargo of Erha at dated Brent plus $1.40 a barrel.

* Oando offered a cargo of Amenam at dated Brent minus 50 cents a barrel for loading June 11-12. Oando recently sold a cargo of Agbami, though price details could not be confirmed.

* Unipec offered a cargo of Usan at dated Brent minus 50 cents a barrel loading June 13-14.

* ExxonMobil earlier sold to India’s IOC a cargo of Usan loading June 25-26.

ANGOLA

* At least two cargoes of Dalia are on offer at about dated Brent minus 80 cents a barrel. ExxonMobil is one of the sellers and intially showed the cargo at a discount of 60 cents a barrel.

TENDERS

* India’s IOC issued a buy tender for crude loading July 15-25. Part two closes on Friday.

RELATED NEWS

* Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary, the country’s oil minister said on Tuesday.

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