The Nigerian National Petroleum Company Limited (NNPCL) has announced the introduction of Utapate crude oil blend, a new oil grade into the international crude oil market.
The NNPCL said from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPCL’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.
The NNPCL, Olufemi Soneye, who disclosed this via a statement on Monday, August 5, said Utapate’s current crude oil production is at 28,000 barrels per day (bpd)
Soneye noted that it has potential to increase its production to 50,000 barrels per day while the sulphur content of the new crude is 0.0655 per cent.
Reps: We’ll ask Tinubu to sack NNPCL boss if…
He stated: “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.”
Soneye added that the latest development signals the commitment of the NNPCL to increase Nigeria’s crude oil production and grow reserves through the development of new assets.
During the Argus European Crude Conference in London 2023, the NNPCL 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.
- Wike’s aide slams Reps member Ugochinyere, calls him ‘political hushpuppi’ - November 23, 2024
- 3 fans arrested in Spain for racist abuse of Barcelona players at El Clasico - November 23, 2024
- Premier League announces dates for 2025-26 season - November 23, 2024
