The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has announced the introduction of Utapate crude oil blend, a new crude oil grade, into the international crude oil market.
In a statement on Monday by the Chief Corporate Communications Officer of NNPC Ltd., Mr. Olufemi Soneye, from Oil Mining Lease (OML) 13, fully operated by NEPL, an NNPC Ltd.’s upstream subsidiary, the Utapate crude oil blend commenced operations in July 2024 as its first cargo headed for Spain.
The statement reads: “Located offshore Akwa Ibom State in Nigeria, 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, has 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, 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 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.”
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