The NNPC Ltd has introduced the introduction of a brand new crude oil mix into the worldwide crude oil market.
The brand new crude oil grade referred to as Utapate, which has present manufacturing of 28,000 barrels per day, is predicted to contribute considerably to the nation’s oil output.
NNPC spokesman, Olufemi Soneye, who made this recognized, mentioned the brand new grade, which is a lightweight and low-sulfur from Oil Mining Lease (OML) 13, totally operated by NEPL, NNPC Ltd’s upstream subsidiary, which commenced operations in July 2024, as its first cargo headed for Spain.
Positioned offshore Akwa Ibom State in Nigeria, Utapate’s present crude oil manufacturing is at 28,000 barrels per day, with potentials to extend it to 50,000 barrels per day. Additionally, the sulphur content material of the brand new crude is 0.0655%.
Spanish oil big Repsol gained the tender for the preliminary cargo of 950,000 barrels of the brand new crude mix, which is similar to the much-sought-after Amenam crude. Gulf Transport and Buying and selling, one other main crude oil vendor, have additionally secured the cargoes’ tenders for August and September 2024.
In the course of the Argus European Crude Convention in London final 12 months, NNPC Ltd introduced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Enterprise (JV).
Much like the Nembe crude oil grade, the Utapate crude oil mix has a low sulphur content material and low carbon footprint as a consequence of flare fuel elimination, becoming completely into the required spec of main consumers in Europe.
“This exceptional achievement indicators the dedication of the NNPC Ltd to extend Nigeria’s crude oil manufacturing and develop reserves by the event of latest belongings,” the corporate mentioned.
