Nigeria’s NNPC Unveils New Crude Oil Grade to Global Market – Africa.com
The Nigerian National Petroleum Corporation (NNPCL) has launched the Utapate blend of crude oil into the international market, with plans to double its production by 2025. Announced at the Argus European Crude Oil Conference in London, the Utapate blend is currently producing 40,000 barrels per day, with a target of increasing to 80,000 barrels per day by the end of 2025. The blend, sourced from Petroleum Mining Lease 13 in Akwa Ibom State, has a sulfur content as low as 0.0655%, similar to Nembe crude oil grades. It also has a low carbon footprint and meets strict European environmental standards. NNPCL has already exported five consignments to Spain and the United States and plans to increase exports by the end of 2024. The new product is expected to boost Nigeria’s foreign exchange earnings, potentially stabilizing the naira amid market volatility.
source: Namiris
