The Nigeria national petroleum company NNPC open new crude oil grade and also brought to the know of the new grade of crude oil blend into the international market.
In the statement of Sir, Olufemi Soneye, The chief corporate communications officer of Nigerian national petroleum company (NNPC), said that the first cargo of 950,000 barrels of the utapate crude oil blend moved to the country of Spain last month from oil mining lease.
In addition, Sir Olufemi said, this utapate crude oil barrels at 28,000 in a day is limited to unforeseen situation and uncertainty in the country. NNPC is of the opinion of increasing to 50,000 barrels in a day.
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“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),” Soneye said in a statement on Monday.
He explained that 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, and is fit for the European market.
This development, he said, signals the commitment of the NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets.