The Nigerian National Petroleum Company Limited (NNPCL) unveils its new crude oil grade, the Utapate crude oil blend, to the global market, showcasing it at the Argus European Crude Conference in London.
In a statement released in Abuja, Chief Corporate Communications Officer Olufemi Soneye announces that the Utapate crude is currently produced at 40,000 barrels per day (bpd), with plans to double output to 80,000 bpd by the end of 2025.
Utapate Crude: A Game-Changer
Sourced from Oil Mining Lease (OML) 13 in Akwa Ibom State, the Utapate crude features low sulfur content (0.0655%) and a reduced carbon footprint due to the elimination of gas flaring. These characteristics make it suitable for European buyers with stringent environmental requirements.
Export Milestones
Nicholas Foucart, Managing Director of NNPC Exploration & Production Limited (NEPL), describes the introduction of the Utapate crude blend as a major achievement for Nigeria’s oil exports.
“We commenced production of the Utapate crude in May 2024 and have since exported five cargoes to Spain and the United States. Two additional shipments are secured for November and December 2024. This is a significant boost to Nigeria’s presence in the global energy market,” Foucart states.
OML 13, managed by NEPL in partnership with Natural Oilfield Services Ltd (a subsidiary of SEEPCO Ltd), contains an estimated 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 trillion cubic feet of gas.
Plans for Increased Production
NNPCL aims to increase Utapate crude production to 50,000 bpd by January 2025 and 60,000-65,000 bpd by mid-2025, with a target of reaching 80,000 bpd by the end of 2025.
Broader Economic Impact
NNPCL emphasizes that this initiative supports Nigeria’s efforts to increase crude oil production and revenue generation. As part of broader efforts, Nigeria’s crude output currently stands at 1.8 million bpd, with a target of 2 million bpd by year-end. These developments are expected to strengthen the country’s foreign exchange earnings and contribute to economic stability.
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