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 run by NEPL, NNPC Ltd.’s upstream division, began operations in July 2024 with its first shipment bound for Spain, according to NNPC Ltd. from 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, the chief corporate communications officer of NNPC Ltd., Utapate is currently producing 28,000 barrels of crude oil per day (bpd).
Mr. Soneye said that although the new crude has a sulphur concentration of 0.0655 percent, it has the capacity to raise production 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 August and September 2024,” he said.
The NNPC Ltd. announced the launch of Nembe crude oil, produced by the NNPC/Aiteo-operated OML 29 Joint Venture (JV), at the Argus European Crude Conference in London in 2023.
Like the Nembe crude oil grade, the Utapate crude oil blend satisfies the demands of major European clients with its low sulfur content and low carbon footprint, which is achieved by the elimination of flare gas.
This outstanding accomplishment demonstrates NNPC Ltd.’s dedication to boosting crude oil output in Nigeria and expanding reserves by developing new assets.