August 05, (THEWILL) – The Nigerian National Petroleum Company Ltd (NNPC Ltd) has announced the introduction of Utapate crude oil blend, a new crude oil grade into the international oil market.
In a statement on Monday, the Company’s Chief Corporate Communications Officer, Olufemi Soneye, said “The Utapate crude oil blend, which commenced operations in July 2024, is produced from Oil Mining Lease (OML) 13, fully operated by the Nigerian Exploration and Production Limited (NEPL), NNPC Ltd’s upstream subsidiary.”
He explained that the first cargo of the Utapate crude oil blend, totalling 950,000 barrels, has been sold to Spanish oil giant, Repsol and is headed for Spain, while additional cargoes have been secured by Gulf Transport and Trading for August and September 2024.
“Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day, with potential 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 cargo 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”, he added.
