The Nigerian National Petroleum Corporation Limited says it has commenced sales of its latest crude oil grade, the Utapate crude oil blend, to international refiners, six months after it began exploration. It said the development is a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts. Produced from the Utapate field in the Oil Mining Lease 13 in Akwa Ibom State, the Utapate crude oil blend is similar to the Nembe crude oil grade. He said in bringing the new crude oil blend to the global market, the NNPCL wanted to optimise value for both its producers and counterparties across the globe. The entry of the Utapate crude oil blend into the market is coming barely a year after the NNPCL announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated OML 29 Joint Venture.

Source: Punch November 21, 2024 10:45 UTC