Nigeria’s oil industry just got a major boost. The Nigerian National Petroleum Corporation Limited (NNPCL) has started selling its new crude oil grade, Utapate crude oil blend, to international refiners, just six months after exploration began. This is a significant milestone for Nigeria’s crude oil export to the global energy market, according to Nicholas Foucart, Managing Director of NNPC E&P Limited.
The Utapate crude oil blend is produced from the Utapate field in Akwa Ibom State and has a low sulphur content of 0.0655%, making it attractive to European buyers. Since production started in May 2024, the NNPCL has ramped up production to 40,000 barrels per day, with minimal downtime, and has already exported five cargoes to Spain and the East Coast of the United States.
Key Highlights:
- Production Capacity: 40,000 barrels per day, with plans to increase to 50,000 by January 2025 and 60,000 by June 2025.
- Reserves: 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 tcf of gas
- Environmental Compliance: The Utapate crude oil terminal is sustainable, affordable, and fully compliant with environmental regulations
- Pricing: Similar to Amenam crude, with a focus on optimizing value for producers and counterparties
This development is expected to boost Nigeria’s crude oil production, revenue generation, and economic growth efforts.
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