The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.
NNPC Ltd Chief Corporate Communications Officer, Olufemi O. Soneye, stated this in a press release, also disclosing that the export of two 950,000 barrels of cargoes have commenced.
OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.
“The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
“The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.
“The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe,” it was stated.
It has also been disclosed that two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands.
“With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.
“With the NNPC-Aiteo OML 29 JV back onstream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly,” it was stated.
The remarkable achievement signalled the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET).
The new crude oil terminal, NCOET, was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
“The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two million barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).
“It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of crude oil monthly at full scale of operation.
“Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been debottlenecked through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution,” it was added in the release.
The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets.
The event also provided a critical opportunity for business leaders to connect, discuss, share and learn from one another.