The NNPC Ltd has announced the launch of the Utapate crude oil blend, a new crude oil grade for the worldwide crude oil market.
According to NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye, the new oil grade is from the Oil Mining Lease (OML) 13, which is wholly operated by NEPL, the company’s upstream division.
The Utapate crude oil mix began operations in July 2024, with its first shipment destined for Spain.
Utapate, located offshore Akwa Ibom State in Nigeria, currently produces 28,000 barrels of crude oil per day and has the capacity to raise output to 50,000 barrels. In addition, the new crude contains 0.0655% sulphur.
Repsol, a Spanish oil major, won the tender for the initial cargo of 950,000 barrels of the new crude blend, which is comparable to the highly sought-after Amenam crude.
Gulf Transport and Trading, another major crude oil dealer, has also obtained cargo tenders for August and September 2024, according to the announcement.
Last year, at the Argus European Crude Conference in London, NNPC Ltd announced the debut of Nembe crude oil, which was produced by the NNPC/Aiteo-operated Oil Mining Lease (OML) 29 Joint Venture.
The Utapate crude oil blend, like the Nembe crude oil grade, has a low sulphur content and a low carbon footprint due to the reduction of flare gases, making it ideal for major European purchasers’ specifications.
‘This outstanding achievement reflects the NNPC Ltd’s commitment to increasing Nigeria’s crude oil production and reserves through the development of new assets,’ the statement continued.
