The Nigerian National Petroleum Corporation Limited (NNPCL) has announced the commencement of international sales of its latest crude oil grade, the Utapate crude oil blend, marking a significant milestone six months after exploration began.
In a statement issued in Abuja on Wednesday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, disclosed that the new crude grade was unveiled before European crude oil marketers at the ongoing Argus European Crude Conference in London.
The Utapate crude oil blend, produced from the Utapate field in Oil Mining Lease (OML) 13 in Akwa Ibom State, boasts a low sulphur content of 0.0655% and a reduced carbon footprint due to flare gas elimination. These attributes align with the stringent environmental standards required by European refiners.
The product’s introduction follows lifting of the first cargo of 950,000 barrels in July 2024, which was exported to Spain.
Since its production commenced in May 2024, NNPCL has ramped up output to 40,000 barrels per day (bpd), exporting five cargoes primarily to Spain and the U.S. East Coast, with two more shipments secured for late 2024.
The Managing Director of NNPC Exploration and Production Limited, Nicholas Foucart, highlighted the blend’s success in the international market, describing it as a significant boost to Nigeria’s crude oil exports.
“The Utapate crude oil blend has rapidly gained recognition in the global market due to its attractive qualities. We plan to increase production to 50,000 bpd by January 2025 and reach 80,000 bpd by the end of 2025,” Foucart said.
He added that OML 13 holds vast reserves, including 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 trillion cubic feet of gas.
Foucart also emphasized the terminal’s compliance with environmental regulations, affirming its sustainability and affordability.
Managing Director of NNPC Trading Limited, Lawal Sade, described the pricing structure of the Utapate blend as comparable to the sought-after Amenam crude, citing its light and sweet nature, low sulphur content, and efficient yield of high-value products.
The Utapate blend follows NNPCL’s earlier launch of the Nembe crude oil grade from OML 29, reflecting the corporation’s ongoing efforts to expand Nigeria’s footprint in the global energy market.
