NNPC Ltd has introduced a new crude oil blend into the international market,leadership reports.
The new grade, named Utapate, currently produces 28,000 barrels per day and is expected to significantly boost the country’s oil output.
NNPC spokesman Olufemi Soneye announced that Utapate, a light and low-sulfur crude from Oil Mining Lease (OML) 13, is fully operated by NEPL, NNPC Ltd’s upstream subsidiary. Operations commenced in July 2024, with the first cargo headed to Spain.
Located offshore Akwa Ibom State in Nigeria, Utapate’s production could potentially increase to 50,000 barrels per day. The new crude has a sulfur content of 0.0655%.
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Spanish oil giant Repsol won the tender for the initial cargo of 950,000 barrels of Utapate, which is comparable to the highly sought-after Amenam crude. Gulf Transport and Trading, another leading crude oil dealer, has secured tenders for cargoes in August and September 2024.
At 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).
Like the Nembe crude oil grade, the Utapate blend has low sulfur content and a low carbon footprint due to flare gas elimination, meeting the specifications of major European buyers.
“This remarkable achievement signals NNPC Ltd’s commitment to increasing Nigeria’s crude oil production and growing reserves through the development of new assets,” the company stated.
