The Nigerian National Petroleum Company Limited (NNPCL) has unveiled its latest crude oil grade, the Utapate crude oil blend, at the international market.
The company unveiled the crude oil blend at a ceremony held at the Argus European Crude Conference in London, United Kingdom, on Wednesday.
The move was part of efforts to boost Nigeria’s crude oil production, revenue and economic growth.
The Managing Director of NNPC Exploration & Production Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil export to the global energy market.
“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime.
“So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market,” Foucart told a packed audience of European crude oil marketers.
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He added that since its introduction into the global market, the Utapate crude oil blend has enjoyed a positive response from the international crude oil market due to its highly attractive qualities.
Foucart said the Oil Mining Lease (OML) 13 fully operated by NEPL and Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd, boasts a huge reserve of 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 tcf of gas.
“We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025.
“Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.
Also speaking, the Managing Director of NNPC Trading Ltd. (NTL), Mr. Lawal Sade said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude.
According to him, the Utapate crude oil is light sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity, and other similarities.
By: Babajide Okeowo
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