THE Nigerian National Petroleum Company Limited, (NNPCL), has revealed the Utapate crude oil blend, a new grade of crude oil now available in the international market.
The new oil grade, according to a statement issued by NNPC Limited Chief Corporate Communications Officer, Olufemi Soneye, is sourced from Oil Mining Lease (OML) 13, which is fully operated by NEPL, the upstream subsidiary of NNPC Ltd.
The Utapate crude oil blend began production in July 2024, with its inaugural shipment heading to Spain.
Utapate, situated offshore in Akwa Ibom State, Nigeria, currently produces 28,000 barrels per day, with the capability to ramp up to 50,000 barrels per day. It also features a sulphur content of 0.0655%.
Spanish oil giant Repsol won the tender for the first cargo of 950,000 barrels of this new blend, which is comparable to the highly sought-after Amenam crude.
Additionally, Gulf Transport and Trading, another prominent player in the crude oil market, has secured cargo tenders for August and September 2024, as stated in the announcement.
Last year, at the Argus European Crude Conference in London, NNPC Ltd also introduced Nembe crude oil, produced through the NNPC/Aiteo-operated OML 29 Joint Venture (JV).
Similar to Nembe, the Utapate crude oil blend boasts a low sulphur content and a reduced carbon footprint due to the elimination of flare gas, making it an attractive option for major buyers in Europe.
The statement concluded by emphasizing that this significant development reflects NNPC Ltd’s commitment to boosting Nigeria’s crude oil production and increasing reserves through the advancement of new assets.