The Nigerian National Petroleum Corporation Limited (NNPCL) has introduced the Utapate crude oil blend to the international market, with plans to double its production by 2025. Announced at the Argus European Crude Conference in London, the Utapate blend currently produces 40,000 barrels per day, with an increase to 80,000 barrels per day targeted by the end of 2025. The blend, sourced from Oil Mining Lease 13 in Akwa Ibom State, has a low sulfur content of 0.0655% and is similar to the Nembe crude oil grade. It also has a low carbon footprint, aligning with stringent European environmental standards. NNPCL has already exported five shipments to Spain and the US, with additional exports set for late 2024. This new product is expected to enhance Nigeria’s foreign exchange earnings, potentially stabilizing the naira amidst fluctuating market conditions.
SOURCE: NAIRAMETRICS
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