NNPC Unveils Low-Sulphur Utapate Crude, Eyes 80,000 BPD Output

NNPC Unveils Utapate Crude Oil: Seeking Buyers, Doubling Output

This development marks a significant milestone for NNPCL, demonstrating its commitment to...

Nigeria's oil industry is buzzing with the launch of Utapate, a new crude oil grade from the Nigerian National Petroleum Company Limited (NNPC). This exciting development is part of Nigeria's push to boost its oil production, which has been hindered by unrest and crude theft.

The Nigerian National Petroleum Corporation Limited (NNPCL) has officially launched its new crude oil grade, Utapate, and is now seeking buyers for this premium product. With an initial production capacity of 28,000 barrels per day, NNPCL aims to double its output to 50,000 barrels per day, making it an attractive opportunity for investors and oil traders.

Key Highlights of Utapate Crude Oil:

Low Sulphur Content: 0.0655% sulphur content, making it an environmentally friendly option 

Global Market Entry: Utapate's inaugural shipment has already been delivered to Spain 

Production Potential: Estimated to reach 50,000 barrels per day 

Origin: Sourced from Oil Mining Lease (OML) 13, operated by NEPL, NNPCL's upstream subsidiary 

This development marks a significant milestone for NNPCL, demonstrating its commitment to expanding Nigeria's oil and gas industry. As the corporation seeks buyers for Utapate crude oil, this new grade is poised to make a notable impact on the global energy market.

The Nigeria National Petroleum Corporation Limited (NNPCL) has officially launched its new crude oil grade, Utapate, and is seeking long-term customers. The company aims to double Utapate's output to 80,000 barrels per day by the end of 2025, starting with a rise to 50,000 bpd in January and 60,000 bpd in June.

Nigeria's oil production has faced significant challenges due to unrest and crude theft. Despite being part of the OPEC+ production cut pact, the country seeks to boost its oil production. NNPCL targets 2 million barrels per day by year-end, up from the current 1.8 million bpd.

NNPCL's collaborative efforts with joint venture operators, production-sharing contract partners, security agencies, and the government drive this growth. The Utapate grade launch is a key milestone in this strategy, showcasing Nigeria's potential for increased oil production.

Key Utapate Output Targets:

° January 2024: 50,000 bpd

° June 2024: 60,000 bpd

° End of 2025: 80,000 bpd

NNPCL's partnership with Natural Oilfield Services propels this ambitious growth plan, solidifying Utapate's position in the global energy market.

Production at the Utapate field kicked off in May, marking a significant milestone for Nigeria's oil industry. This field is sitting on a whopping 926 million barrels of proven oil reserves, a treasure trove waiting to be tapped. The Utapate crude oil blend is a low-sulfur, low-carbon-footprint oil grade, making it an attractive option for major buyers in Europe. With an initial production capacity of 40,000 barrels per day, the goal is to double output by the end of 2025, reaching an impressive 80,000 barrels per day.

Highlights of Utapate Field:

Production Start Date: May 2024  

Proven Oil Reserves: 926 million barrels 

Initial Production Capacity: 40,000 barrels per day

Target Production: 80,000 barrels per day by end of 2025 

Oil Grade Characteristics: Low sulfur content (0.0655%) and low carbon footprint.