The Nigerian National Petroleum Company (NNPC) Limited has officially launched its new crude oil grade, Utapate, into the global market. The introduction of the Utapate crude oil blend is expected to boost Nigeria’s crude oil production and revenue generation.
In a press release issued by the Chief Corporate Communication Officer, NNPC Ltd, Olufemi Soneye on Wednesday, the Managing Director of NNPC E & P Limited (NEPL), Mr. Nicholas Foucart noted that “The introduction of the Utapate crude oil blend into the market is a significant milestone for Nigeria’s crude oil export to the global energy market.”
The Utapate crude oil blend is produced from the Utapate field in OML 13 in Akwa Ibom State, Nigeria. It has a low sulphur content of 0.0655% and low carbon footprint due to flare gas elimination, making it highly sought after by refiners across the world.
The Managing Director of NNPC Trading Ltd. (NTL), Mr. Lawal Sade, stated that the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude, and that NTL intends to run a term contract on the Utapate crude oil blend cargoes, targeting off-takers from European and US East Coast refineries.
“The pricing structure of the Utapate crude oil blend is similar to that of Amenam crude as it is a light sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity and other similarities” Sade stated
The introduction of the Utapate crude oil blend is expected to increase Nigeria’s crude oil production, with the OML 13 asset targeting 80,000 barrels per day by the end of 2025.
