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The Nigerian National Petroleum Company (NNPC) Limited on Monday, announced the introduction of Utapate crude oil blend, a new crude oil grade into the international crude oil market.
Femi Soneye, the spokesman for NNPCL said that the Utapate crude oil blend began operations in July, with its first cargo headed for Spain.
Located offshore Akwa-Ibom State, Utapate’s current crude oil production is at 28,000 barrels per day, with potentials to increase it to 50,000 barrels per day.
Also, the sulphur content of the new crude is 0.0655 per cent.
The Utapate crude oil grade is extracted from Oil Mining Lease (OML) 13, which is fully operated by NNPCL Exploration and Production Limited (NEPL), the company’s upstream subsidiary.
Spanish oil giant Repsol secured the initial tender for 950,000 barrels of Utapate crude, which is comparable to the highly sought-after Amenam crude.
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Also, Gulf Transport and Trading, another leading crude oil dealer, has secured tenders for the cargo for August and September.
Soneye further noted that during the Argus European Crude Conference in London last year, NNPCL announced the launch of the Nembe crude oil grade, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture.
This achievement however, highlights NNPC’s commitment to increasing Nigeria’s crude oil production and expanding reserves through the development of new assets.
