A new oil grade called Utapate has been introduced to the global crude oil market by the Nigerian National Petroleum Company Limited (NNPC Ltd.).
The Utapate crude oil mix, which is entirely operated by NEPL, NNPC Ltd.’s upstream division, began operations in July 2024 with its first shipment bound for Spain, according to NNPC Ltd.’s Oil Mining Lease (OML) 13.
The Nigerian state of Akwa Ibom is home to the Utapate crude oil mix. According to a statement released on Monday by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., Utapate is currently producing 28,000 barrels of crude oil per day (bpd).
Soneye revealed that while the new product’s sulfur level is still low, it has the potential to grow output to 50,000 barrels per day.
“Spanish oil giant Repsol won the tender for the initial cargo of 950,000 barrels of the new crude blend, which is comparable to the much-sought-after Amenam crude.
“Gulf Transport and Trading, another leading crude oil dealer, has also secured the cargoes’ tenders for Aug. and September 2024,” he said.
During the Argus European Crude Conference in London 2023, the NNPC Ltd. announced the inauguration of Nembe crude oil, produced by the NNPC/Aiteo operated OML 29 Joint Venture (JV).
Similar to the Nembe crude oil grade, the Utapate crude oil blend has a low sulphur content and a low carbon footprint due to flare gas elimination, fitting perfectly into the requirements of major buyers in Europe.
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.
