NNPC launches new crude oil grade

On Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced the introduction of a Utapate crude oil blend, a new crude oil grade, into the international market.

Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, in a statement, said from Oil Mining Lease (OML) 13, entirely operated by NNPC Exploration and Production Limited (NEPL), the Utapate crude oil blend commenced operations in July as its first cargo headed for Spain.

Mr Soneye said this remarkable achievement signals the commitment of NNPC Ltd to increase Nigeria’s crude oil production and grow reserves by developing new assets.

Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day, with the potential to increase it to 50,000 barrels per day.

Also, Mr Soneye said the sulphur content of the new crude is 0.0655 per cent.

“Spanish oil giant Repsol won the tender for the initial cargo of 950,000 barrels of the new crude blend, which is comparable to the much sought-after Amenam crude. Gulf Transport and Trading, another leading crude oil dealer, have also secured the cargoes’ tenders for August and September 2024.”

Last November, the NNPC Ltd and Aiteo Joint Venture announced the introduction of Nembe crude oil grade into the international crude oil market.

On Monday, Mr Soneye said, “Similar to the Nembe crude oil grade, the Utapate crude oil blend has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.”