NNPC Ltd has announced a new addition to the international crude oil market: the Utapate crude oil blend.
This new oil grade is from Oil Mining Lease 13, managed by NEPL, NNPC Ltd’s upstream subsidiary.
In a statement on Monday, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, said, “The Utapate crude oil blend started operations in July 2024. The first cargo has already set sail for Spain.”
The Utapate crude is extracted offshore Akwa Ibom State and currently produces 28,000 barrels per day, with the potential to increase production to 50,000 barrels per day. The new crude has a low sulphur content of 0.0655%.
Spanish oil company Repsol won the tender for the first cargo of 950,000 barrels of Utapate, which is comparable to the highly sought-after Amenam crude.
Gulf Transport and Trading also secured tenders for cargoes in August and September 2024.
Soneye highlighted that Utapate shares similarities with the Nembe crude oil blend, which NNPC Ltd launched last year at the Argus European Crude Conference in London.
Both crude grades are known for their low sulphur content and reduced carbon footprint due to flare gas elimination, meeting the specifications required by major European buyers.
Soneye added, “This remarkable achievement signals the commitment of NNPC Ltd to increase Nigeria’s crude oil production and grow reserves through the development of new assets.”
