The Nigerian National Petroleum Corporation (NNPC) Ltd has announced the introduction of the Utapate crude oil blend, a new crude oil grade, into the international market.
This significant development was disclosed in a statement by NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, on Monday.
The new crude oil grade originates from the Oil Mining Lease (OML) 13, which is fully operated by NEPL, NNPC Ltd’s upstream subsidiary. Operations for the Utapate crude oil blend commenced in July 2024, with the first cargo destined for Spain.
Located offshore Akwa Ibom State in Nigeria, the Utapate crude oil production currently stands at 28,000 barrels per day, with the potential to increase to 50,000 barrels per day. The new crude oil grade boasts a low sulphur content of 0.0655%.
Spanish oil giant Repsol secured the tender for the initial cargo of 950,000 barrels of the Utapate crude blend, which is comparable to the highly sought-after Amenam crude. Gulf Transport and Trading, another leading crude oil dealer, has also secured cargo tenders for August and September 2024, according to the statement.
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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, aligning perfectly with the specifications required by major buyers in Europe.
“This remarkable achievement signals the commitment of NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets,” the statement added.
