… Utapate production hits 28,000 bpd, as NNPCL targets 50,000bpd
… first cargo heads to Spain
Oredola Adeola
The Nigerian National Petroleum Corporation (NNPC) Ltd, has announced the introduction of Utapate crude oil blend, a new crude oil grade into the international crude oil market, bringing the country’s total to 26 different crude oil grades.
Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, confirmed this in a statement obtained by Advisors Reports on Monday.
The introduction of Utapate is expected to enhance Nigeria’s position in the competitive international crude oil market, offering new opportunities for trade and investment.
Advisors Reports confirmed that, as of 2024, Nigeria’s crude oil grades include prominent names such as Bonny Light, Forcados, Qua Iboe, Brass River, Escravos, and many others.
The full list now includes Bonny Light, Forcados, Qua Iboe, Brass River, Escravos, Agbami, Akpo, Bonga, Erha, Usan, Yoho, Pennington Light, Antan Blend, Ukpokiti, Okwori, Okono, EA Blend, Oso Condensate, Egina, Odudu Blend, Amenam, Ima, Obiafu-Obrikom, Okoro, Ukpan, and the newly introduced Utapate.
Meanwhile Mr. Soneye, in the statement, revealed that the Utapate crude oil blend commenced operations in July 2024 from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, as its first cargo headed for Spain.
Chief Corporate Communications Officer NNPC Ltd, said, “Located offshore Akwa Ibom State in Nigeria, Utapate’s current crude oil production is at 28,000 barrels per day, with the 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, has 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,” he said.
Soneye further noted that the remarkable achievement signals the commitment of NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets.
Advisors Reports can confirm that the newly introduced Utapate crude oil blend, with a sulphur content of 0.0655%, boasts a significantly lower sulphur content compared to Nigeria’s Bonny Light crude, which typically has a sulphur content of around 0.14%, making Utapate a sweeter and more desirable crude oil
