• Latest
  • Trending

NNPCL begins sale of Utapate crude to international refiners

November 20, 2024

Nigeria’s Economy on Firm Growth Path

October 28, 2025

FG to expand cash transfer beyond 15 million households — Edun

October 28, 2025

US Permanently Revokes Wole Soyinka’s Visa

October 28, 2025

North-Central APC Faults Plateau Leaders for Rejecting Governor Mutfwang’s Defection Proposal

October 28, 2025

170 foreigners apply for Nigerian citizenship – Tunji-Ojo

October 28, 2025

Putin hails successful test of Russia’s nuclear-powered missile

October 28, 2025

Lagos Ministry Rescues Mentally Distressed Woman

October 28, 2025

Kanu Refuses to Open Defence, Claims No Case Against Him in Terrorism Trial

October 28, 2025

Rivers Court Acquits 12 in Police Inspector’s Death Amid Controversy

October 28, 2025

Alassane Ouattara Declared Winner of Ivory Coast Presidential Election

October 28, 2025

Tinubu, Kessington Honoured at London’s House of Lords

October 28, 2025

Ogun State Governor Boosts Super Falcons with ₦50 Million Ahead of Crucial WAFCON Qualifier

October 28, 2025

EFCC Warns Gemstone Miners and Dealers Against Money Laundering

October 28, 2025

BDC Operators Face Dollar Scarcity Amid CBN Forex Reforms

October 28, 2025

NHIA Reaffirms Commitment to Enrollee-Centered Care

October 27, 2025

Why I chose A’Ibom for my music concert — Davido

October 27, 2025

BREAKING: Turaki submits PDP chairmanship nomination form

October 27, 2025

Yoruba Group Condemns Rumoured Coup Plot Against Tinubu

October 27, 2025

Ex-PM jailed one year over social media post

October 27, 2025

Freed Migrant Sex Offender Re-Arrested, to Be Deported

October 27, 2025

England Legend Swaps Football Glory for Life as a Courier

October 27, 2025

Girl, 5, Throws Newborn Sister From Window After Being Left Alone

October 27, 2025

Lagos State Compensates Oworo Residents in Urban Renewal Drive

October 27, 2025

Rice Prices Plunge in Lagos Markets Amid Surge in Supply

October 27, 2025

Sisters Racing Led to Fatal Crash Killing 3 North Carolina High School Football Players

October 27, 2025

Pastor Olorunfemi Deported by Canada over Fraudulent Asylum Claims

October 26, 2025

Lagos Intensifies Fight Against Gender-Based Violence

October 26, 2025

Lagos Commissioner Honoured as REDA 2025 Stakeholders Tackle Real Estate Future

October 26, 2025

Adamawa Deputy Police Commissioner Threatens Southeast Man Over Property Purchase

October 26, 2025

EFCC Arrests School Owner for Alleged Visa and Scholarship Fraud in Uyo

October 26, 2025
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education
    • Sports
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    A New Era Begins: Traffic Lights to Add Fourth White Signal for Autonomous Vehicles

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Ogun State Governor Boosts Super Falcons with ₦50 Million Ahead of Crucial WAFCON Qualifier

    Why I chose A’Ibom for my music concert — Davido

    England Legend Swaps Football Glory for Life as a Courier

    Ooni of Ife and Alaafin of Oyo Seal Historic Yoruba Unity Pact

    Abiodun Urges Ogun Traditional Rulers to Lead with Humility and Integrity

    FULL LIST: Osimhen, Salah make CAF 2025 African male player nominees list

  • Lifestyle
    • All
    • Health

    Tinubu, Kessington Honoured at London’s House of Lords

    NHIA Reaffirms Commitment to Enrollee-Centered Care

    Lagos Intensifies Fight Against Gender-Based Violence

    FG Doubles Health Insurance Rates, Launches One-Hour Patient Referral Code

    FG Doubles Health Insurance Rates, Launches One-Hour Patient Referral Code

    Ondo State CPS Continues Support for Children of Deceased Journalists

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
  • Home
  • BREAKING NEWS
  • Tech
    • All
    • Apps

    A New Era Begins: Traffic Lights to Add Fourth White Signal for Autonomous Vehicles

    Nigerian Girls Triumph at 2025 Technovation Global Summit with AI Safety App

    Trump sees progress on TikTok, says will visit China

    French lawmakers urge socialmedia ban for under-15s

    The Future of Internet Connectivity in Nigeria: Opportunities and Challenges

    CBN awards OPay for financial inclusion innovation

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    Ogun State Governor Boosts Super Falcons with ₦50 Million Ahead of Crucial WAFCON Qualifier

    Why I chose A’Ibom for my music concert — Davido

    England Legend Swaps Football Glory for Life as a Courier

    Ooni of Ife and Alaafin of Oyo Seal Historic Yoruba Unity Pact

    Abiodun Urges Ogun Traditional Rulers to Lead with Humility and Integrity

    FULL LIST: Osimhen, Salah make CAF 2025 African male player nominees list

  • Lifestyle
    • All
    • Health

    Tinubu, Kessington Honoured at London’s House of Lords

    NHIA Reaffirms Commitment to Enrollee-Centered Care

    Lagos Intensifies Fight Against Gender-Based Violence

    FG Doubles Health Insurance Rates, Launches One-Hour Patient Referral Code

    FG Doubles Health Insurance Rates, Launches One-Hour Patient Referral Code

    Ondo State CPS Continues Support for Children of Deceased Journalists

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
No Result
View All Result

NNPCL begins sale of Utapate crude to international refiners

ValidViewNetwork by ValidViewNetwork
November 20, 2024
in Business
0 0
0
Home News Business
ADVERTISEMENT
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
Spread the love

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.

A statement signed by the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, on Wednesday in Abuja, stated that 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. It would be recalled that in July 2024, the NNPCL and its partner, the Sterling Oil Exploration and Energy Production Company Limited, introduced the Utapate crude oil blend, following the lifting of the first cargo of 950,000 barrels, which headed for Spain.

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. It has a low sulphur content of 0.0655 per cent and a low carbon footprint due to flare gas elimination, fitting perfectly into the required specifications of major European buyers.

Advertisement. Scroll to continue reading.

The Managing Director, NNPC E&P Limited, Nicholas Foucart, in his address, 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.

Foucart said, “Since we started producing the Utapate in May 2024, we have rapidly ramped up production to 40,000 barrels per day 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.”

ADVERTISEMENT

He added that 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.

Oilfield Services Limited, a subsidiary of SEEPCO Limited, has huge reserves of 330 million barrels of crude oil, 45 million barrels of condensate and 3.5 tcf of gas.

“We have several ongoing projects to increase our production from the current 40,000 bopd to 50,000 bopd by January 2025, and 60,000 bopd to 65,000 bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000 bonds by the end of 2025,” Foucart noted.

He said the Utapate crude oil terminal is sustainable, affordable and fully compliant with the rigorous environmental regulations and sustainability principles, especially those aimed at reducing carbon emissions and other ecological effects.

Also speaking, the Managing Director of NNPC Trading Limited, Lawal Sade, said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude as it is a light, sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity and other similarities.

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.

ADVERTISEMENT

The Utapate field development plan, executed between 2013 and 2019, included converting wells and facilities from swamp or marine to land-based operations.

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.

Do you want to share a story with us?
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
ADVERTISEMENT
Previous Post

Ogun PDP chief faults Tinubu’s use of multiple presidential spokespersons

Next Post

Ganduje warns Aiyedatiwa against leaving abandoned projects

ValidViewNetwork

ValidViewNetwork

Next Post

Ganduje warns Aiyedatiwa against leaving abandoned projects

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the latest news from ValidViewNetwork
Loading

SPONSORED ADVERT

SPONSORED ADVERT

As the Lord liveth, you are feeling bushing this 6th month better and stronger than the way you started it in Jesus Mighty Name. Our angels of good news shall locate us this month. Shalom!

  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

No Result
View All Result

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist