Energy

Obat Oil targets huge profits from lifting Nigeria’s crude oil

Obat Oil & Gas has expressed optimism of making huge profits in the foreseeable future following the recent award of contracts to lift Nigeria’s crude oil for the 2018/2019 crude oil term along with fifty other indigenous and foreign companies.

According to a statement, the chairman of the company, HRH, Oba Frederick Obateru Akinruntan, the Oluigbo of Ugbo Kingdom, while responding to the development assured of making huge profits in the foreseeable future.

“This milestone is another achievement following the long-term agreement, the company signed with Vital Allied Energy Supply & Services Ltd, (VAE) to supply 100,000mt of refined product quarterly, with a delivery of 30,000mt monthly,” the statement said.

“Obat Oil, established in 1981 under the astute leadership of Oba Akinruntan has over the years transformed into a massive corporate beast boasting over 50 mega petrol stations across the country, several land and sea fuel haulage vessels and a mammoth tank farm that can store up to 65 million litres of oil.”

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.

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.

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