The Nigerian National Petroleum Corporation Limited (NNPCL) has unveiled its latest crude oil grade, the Utapate crude oil blend. It has also commenced sales at the international crude oil market. The development is a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts.
The new product was unveiled before a packed audience of European crude oil marketers at the ongoing Argus European Crude Conference taking place in London, England.
During a ceremony held at the Argus European Crude Conference taking place in London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil export to the global energy market.
Commenting on the Utapate crude at the unveiling ceremony at the Argus European Crude Conference in London, Nicholas Foucart, Managing Director, NNPC E & P Limited (NEPL) stated thus:
“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market.”
Since its introduction into the global market, the Utapate crude oil blend has enjoyed a positive response from the international crude oil market, due to its highly attractive qualities”.