NNPC Ltd has launched the Utapate crude oil blend, a new grade in the international market. Originating from Oil Mining Lease (OML) 13, operated by NNPC Exploration and Production Limited, Utapate commenced operations in July 2024, with its inaugural cargo of 950,000 barrels heading to Spain.
The blend features a low sulphur content of 0.0655% and current production of 28,000 barrels per day, with potential to reach 50,000 barrels per day, signaling NNPC's commitment to boosting Nigeria's oil output and reserves.
Located offshore Akwa Ibom State in Nigeria, Utapate's current crude oil production is at 28,000 barrels per day, with potentials to increase it to 50,000 barrels per day. Also, the sulphur content of the new crude is 0.0655%, a press statement signed by Olufemi O. Soneye, Chief Corporate Communications Officer of NNPC Ltd, revealed.
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, the statement further explained, adding that Gulf Transport and Trading, another leading crude oil dealer, have also secured the cargoes' tenders for August and September 2024.
Part of the statement reads: “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, fitting perfectly into the required spec of major buyers in Europe.
“This remarkable achievement 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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