The Nigerian National Petroleum Corporation Limited (NNPCL) has announced the official unveiling of its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.
According to the NNPCL, the development significantly boosts Nigeria’s attempts to generate revenue, produce crude oil, and promote economic progress.
According to a statement released by the NNPCL on Wednesday in Abuja and signed by its Chief Corporate Communications Officer, Olufemi Soneye, the new product was introduced in front of a large crowd of European crude oil marketers at the Argus European Crude Conference, which is now taking place in London, England.
Recall that after the first shipment of 950,000 barrels of crude oil was lifted and sent to Spain in July 2024, NNPC Ltd. and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd., unveiled the Utapate crude oil blend.
During a ceremony held at the Argus European Crude Conference in London, United Kingdom, on Wednesday, the Managing Director of 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 exports to the global energy market.
He said that by bringing the new crude oil blend to the global market, NNPC Ltd. wanted to optimize value for its producers and counterparties worldwide.
He added that to ensure predictability and sustainability of supply, NTL intends to run a term contract on the Utapate crude oil blend cargoes, principally targeting off-takers from the European and the US East Coast refineries.
