…Exports to Spain
The Nigerian National Petroleum Company Limited (NNPC Ltd) has introduced Utapate crude oil blend, a new crude oil grade into the international market.
According to Olufemi Soneye, chief corporate communications officer, NNPC Ltd, the first cargo of 950,000 barrels of the Utapate crude oil blend was moved to Spain in July from Oil Mining Lease (OML) 13, operated by NNPC Exploration and Production Limited.
He put Utapate’s current crude oil production at 28,000 barrels per day, with the potential to increase to 50,000 barrels per day. He said the sulphur content of the new crude was 0.0655 percent.
Read also: NNPC Ltd: An all-round asset to Nigeria
“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.
“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),” Soneye said in a statement on Monday.
He explained that 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, and is fit for the European market.
This development, he said, 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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