The NNPC Ltd has announced the introduction of a new crude oil blend into the international crude oil market.
The new crude oil grade called Utapate, which has current production of 28,000 barrels per day, is expected to contribute significantly to the country’s oil output.
NNPC spokesman, Olufemi Soneye, who made this known, said the new grade, which is a light and low-sulfur from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, which commenced operations in July 2024, as its first cargo headed for Spain.
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%.
Spanish oil giant Repsol won the tender for the initial cargo of 950,000 barrels of the new crude blend, which is comparable to the much-sought-after Amenam crude. Gulf Transport and Trading, another leading crude oil dealer, have also secured the cargoes’ tenders for August and September 2024.
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,” the company said.
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