The NNPC Ltd has announced the introduction of another crude oil blend into the international crude oil market.
It is Utapate Crude Oil Grade from Oil Mining Lease (OML) 13, fully operated by the Nigerian Exploration and Production Limited (NEPL), an NNPC Ltd’s upstream subsidiary.
The Utapate Crude Oil blend commenced operations in July 2024, with its first cargo headed for Spain.
Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is estimated at about 28,000 barrels per day, with potential to increase the volume to 50,000 barrels per day.
Also, the sulphur content of the new crude is 0.0655%, which within the acceptable specification at the International crude oil market.
Spanish oil giant, Repsol, won the tender for the lifting of 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.
During the Argus European Crude Conference in London last year, NNPC Ltd announced the launch of Nembe crude oil, another blend from Nigeria’s oil field, produced by the NNPC/Aiteo operated Oil Mining Lease (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 its flare gas elimination, fitting perfectly into the required specification 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,” the Group Chief Executive Officer of NNPC Limited, Mele Kyari, said ion Monday.
