By Tochukwu Bliss, Abuja
NNPC Ltd. has announced the launch of a new crude oil grade, Utapate, into the international market.
It also said the first cargo of the Utapate crude oil blend, sourced from Oil Mining Lease (OML) 13, located offshore Akwa Ibom State in Nigeria, operated by NNPC E&P Limited, its upstream subsidiary, has been exported to Spain.
A statement by NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, on Monday, said the Utapate crude oil blend commenced production in July 2024, marking a significant milestone.
Mr. Soneye said: “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%.
“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.”
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 also recalled that during the Argus European Crude Conference in London last year, NNPC Ltd had announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).
He noted that the Utapate crude, similar to the Nembe oil grade, has a low sulphur content and low carbon footprint due to flare gas elimination, thereby “fitting perfectly into the required spec of major buyers in Europe”
He added that “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.”
