Those who wish to buy and sell Nigerian crude oil (OPEC) must demonstrate their commitment to the oil industry through allocation of adequate resources of capital, equipment and manpower to the general business of prospecting, exploration and production of crude oil.
Those eligible to apply
An upstream investor who has acquired an oil prospecting license and must have completed a minimum amount of work on the concession.
WHO MAY APPLY FOR CRUDE OIL LICENSE
Internationally recognized Oil & Gas traders
WHO MAY PURCHASE NIGERIAN CRUDE OIL
A bonafide end user who owns a refinery and sales outlet. An established and globally recognised large volume trader proof of its global network, its operations and volumes of crude oil handled in the last three years.
All applicants must have a minimum annual turnover of at least $100million and net worth of not less than $40 million. Successful applicants must show commitment to the development of the Nigerian economy by investing any number of opportunities that abound either in the oil industry or gas sector.
Successful companies will be required to post a $1 million performance bond through a first class Nigerian bank in addition to the regular crude oil contract provisions.
~Eastern Union Energy