NNPC begins sales of new crude oil grade

The Nigerian National Petroleum Company Limited, NNPC Ltd says it commenced the sale of a new crude oil grade in the international market.

The company said the first cargo of Utapate crude oil blend, has been exported to Spain.

According to a statement by NNPC Ltd’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, the Utapate crude oil blend, sourced offshore Akwa Ibom State in Nigeria from Oil Mining Lease (OML) 13, commenced production in July.

“Utapate’s current crude oil production is at 28,000 barrels per day, with potential to increase it to 50,000 barrels per day. Also, the sulphur content of the new crude is 0.0655%”.

He added that “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”.

The NNPC spokesman recalled that during the “Argus European Crude Conference in London last year, NNPC Ltd announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV)”.

He pointed out that the Utapate crude oil blend which is similar to the Nembe crude oil grade, 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”, he added.

“This remarkable achievement signals the commitment of the NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets”, he stated.