NNPC Ltd. unveils new crude oil grade, begins export to Spain
NNPC Ltd. unveils new crude oil grade, begins export to Spain
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the introduction of Utapate crude oil blend, a new oil grade into the international crude oil market.
The NNPC Ltd. said from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, the Utapate crude oil blend commenced operations in July 2024, as its first cargo headed for Spain.
The Utapate crude oil blend is located offshore Akwa Ibom State in Nigeria.
The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement on Monday explained that Utapate’s current crude oil production is at 28,000 barrels per day (bpd)
Soneye disclosed that it has potentials to increase its production to 50,000 barrels per day while the sulphur content of the new crude is 0.0655 per cent.
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“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 Aug. and Sept. 2024,” he said.
During the Argus European Crude Conference in London 2023, the NNPC Ltd. announced the inauguration of Nembe crude oil, produced by the NNPC/Aiteo operated OML 29 Joint Venture (JV).
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.
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.
NNPC Ltd. unveils new crude oil grade, begins export to Spain
