The Nigerian National Petroleum Company Limited (NNPCL) has announced the introduction of Utapate crude oil blend, a new crude oil grade, into the international market. This was disclosed by Olufemi Soneye, NNPCL's spokesman, in a press statement on Monday.
According to Soneye, the Utapate crude oil blend commenced operations in July 2024, with its first cargo destined for Spain. The crude oil is produced from Oil Mining Lease (OML) 13, operated by NEPL, NNPCL's upstream subsidiary, located offshore Akwa Ibom State. The current production capacity stands at 28,000 barrels per day, with potential for increase to 50,000 barrels per day. The sulfur content of the new crude oil grade is 0.0655 percent.
The statement revealed that Spanish oil giant Repsol won the tender for the initial cargo of the new crude blend, which is comparable to the sought-after Amenam crude. Gulf Transport and Trading, another leading crude oil dealer, has also secured cargo tenders for August and September 2024.
Similar to the Nembe crude oil grade launched last year, the Utapate crude oil blend boasts low sulfur content and low carbon footprint due to flare gas elimination, making it an attractive option for major European buyers. This achievement underscores NNPCL's commitment to increasing Nigeria's crude oil production and growing reserves through new asset development.