On Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) announced the launch of a new crude oil grade called Utapate crude oil blend into the international market.
Olufemi Soneye, NNPC Ltd’s chief corporate communications officer, stated that the Utapate crude oil blend began operations in July, with its first cargo destined for Spain. The crude is sourced from Oil Mining Lease (OML) 13, which is fully operated by NNPC Exploration and Production Limited (NEPL).
“This remarkable achievement signals our commitment to increasing Nigeria’s crude oil production and growing reserves by developing new assets,” Soneye said.
Located offshore in Akwa Ibom State, Utapate’s current production stands at 28,000 barrels per day, with the potential to rise to 50,000 barrels per day.
The new crude oil blend has a sulphur content of 0.0655 percent, making it a desirable product for international markets.
“Spanish oil giant Repsol won the tender for the initial cargo of the new crude blend, which is comparable to the much sought-after Amenam crude,” Soneye added.
Gulf Transport and Trading, another leading crude oil dealer, secured tenders for cargoes in August and September 2024.
Last November, NNPC Ltd and Aiteo Joint Venture introduced the Nembe crude oil grade to the international market. Like Nembe, the Utapate crude oil blend boasts a low sulphur content and a low carbon footprint due to flare gas elimination, aligning well with the specifications required by major buyers in Europe.
“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,” Soneye highlighted.