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Vitol in long-term deal to buy Nigeria Okwuibome crude

By on November 7, 2011

Independent energy trader Vitol has entered into a long-term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration for their new Nigerian Okwuibome crude oil production, the company said on Monday.

The deal includes a pre-payment and long-term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration, part of Sterling Global Oil Resources.

Vitol said the deal is estimated at 10,000 barrels per day (bpd) and is expected to grow to 25,000 (bpd) by the end of 2012.

The company has a licence to explore and produce crude oil from four onshore blocks with a total acreage of almost 2,000 square kilometres in Nigeria.

Sterling Global Oil Resources is part of the Sandesara Group, a diversified company with interests in oil and gas and oil trading, among others.