Newscoven
  • Home
  • News
    • All
    • Analysis
    • Feature
    • Interviews
    • Politics
    • Science
    • World
    Deaf Students Appeal To Makinde: 'Stop Politicians From Taking Over Our Land'

    Deaf Students Appeal To Makinde: ‘Stop Politicians From Taking Over Our Land’

    POCACOV Holds Children’s Day Celebration In Lagos

    POCACOV Holds Children’s Day Celebration In Lagos

    Nigeria, My Only Regret As I Turn 80 -Tola Adeniyi

    Nigeria, My Only Regret As I Turn 80 -Tola Adeniyi

    VIDEO: Makinde An Intentional Leader -Makanjuola, Jericho Mall Chairman

    VIDEO: Makinde An Intentional Leader -Makanjuola, Jericho Mall Chairman

    NSIB Begins Onsite Investigation Of Ilorin Aircraft Crash-Landing

    NSIB Begins Onsite Investigation Of Ilorin Aircraft Crash-Landing

    Oyo North PDP Re-affirms Makinde's Leadership

    Oyo North PDP Re-affirms Makinde’s Leadership

    NBC Expresses Satisfaction With Ilaji 91.9FM, Praises Sanusi

    NBC Expresses Satisfaction With Ilaji 91.9FM, Praises Sanusi

  • Entertainment
    Sanusi Becomes Sports Brand Ambassador In Malta

    Sanusi Becomes Sports Brand Ambassador In Malta

    Ilaji Holds Secondary School Basketball Competition

    Ilaji Holds Secondary School Basketball Competition

    My Life, My Trumpet -Ayomide Odunsi-IMO_TRUMP (SEE VIDEOS)

    INTERVIEW: My Life, My Trumpet -Ayomide Odunsi- IMO_TRUMP (SEE VIDEOS)

    Globacom Sponsors Premiere Of RMD’s Movie, Radio Voice 

    Globacom Sponsors Premiere Of RMD’s Movie, Radio Voice

    Christian Chukwu, Former National Football Team Captain, Dies @74

    Christian Chukwu, Former National Football Team Captain, Dies @74

    Eedris Abdulkareem Reacts As FG Bans His Song, Tell Your Papa (WATCH VIDEO)

    Eedris Abdulkareem Reacts As FG Bans Song, Tell Your Papa (WATCH VIDEO)

    Ghana Boxing Association (GBA) Confirms Deaths Of Nigerian Boxer, Olanrewaju

    Ghana Boxing Authority (GBA) Confirms Death Of Olanrewaju, Nigerian Boxer

  • About Us
  • Contact Us
  • More
    • Advertisement
    • Disclaimer
    • Privacy Policy
    • Terms of Use
Sunday, June 1, 2025
No Result
View All Result
  • Home
  • News
    • All
    • Analysis
    • Feature
    • Interviews
    • Politics
    • Science
    • World
    Deaf Students Appeal To Makinde: 'Stop Politicians From Taking Over Our Land'

    Deaf Students Appeal To Makinde: ‘Stop Politicians From Taking Over Our Land’

    POCACOV Holds Children’s Day Celebration In Lagos

    POCACOV Holds Children’s Day Celebration In Lagos

    Nigeria, My Only Regret As I Turn 80 -Tola Adeniyi

    Nigeria, My Only Regret As I Turn 80 -Tola Adeniyi

    VIDEO: Makinde An Intentional Leader -Makanjuola, Jericho Mall Chairman

    VIDEO: Makinde An Intentional Leader -Makanjuola, Jericho Mall Chairman

    NSIB Begins Onsite Investigation Of Ilorin Aircraft Crash-Landing

    NSIB Begins Onsite Investigation Of Ilorin Aircraft Crash-Landing

    Oyo North PDP Re-affirms Makinde's Leadership

    Oyo North PDP Re-affirms Makinde’s Leadership

    NBC Expresses Satisfaction With Ilaji 91.9FM, Praises Sanusi

    NBC Expresses Satisfaction With Ilaji 91.9FM, Praises Sanusi

  • Entertainment
    Sanusi Becomes Sports Brand Ambassador In Malta

    Sanusi Becomes Sports Brand Ambassador In Malta

    Ilaji Holds Secondary School Basketball Competition

    Ilaji Holds Secondary School Basketball Competition

    My Life, My Trumpet -Ayomide Odunsi-IMO_TRUMP (SEE VIDEOS)

    INTERVIEW: My Life, My Trumpet -Ayomide Odunsi- IMO_TRUMP (SEE VIDEOS)

    Globacom Sponsors Premiere Of RMD’s Movie, Radio Voice 

    Globacom Sponsors Premiere Of RMD’s Movie, Radio Voice

    Christian Chukwu, Former National Football Team Captain, Dies @74

    Christian Chukwu, Former National Football Team Captain, Dies @74

    Eedris Abdulkareem Reacts As FG Bans His Song, Tell Your Papa (WATCH VIDEO)

    Eedris Abdulkareem Reacts As FG Bans Song, Tell Your Papa (WATCH VIDEO)

    Ghana Boxing Association (GBA) Confirms Deaths Of Nigerian Boxer, Olanrewaju

    Ghana Boxing Authority (GBA) Confirms Death Of Olanrewaju, Nigerian Boxer

  • About Us
  • Contact Us
  • More
    • Advertisement
    • Disclaimer
    • Privacy Policy
    • Terms of Use
No Result
View All Result
Newscoven
No Result
View All Result
Home Business Energy | Oil & Gas

NNPCL Unveils Utapate Crude Grade At Global Oil Market

Newscoven by Newscoven
November 20, 2024
in Energy | Oil & Gas
Reading Time: 3 mins read
2 0
A A
0
NNPCL Unveils Utapate Crude Grade At Global Oil Market

Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart, speaking at the official unveiling of the Utapate crude oil blend during the Utapate Crude Roadshow held on the sidelines of the 2024 Argus European Crude Conference in London, United Kingdom, on Wednesday.

3
SHARES
37
VIEWS
Share on WhatsappShare on FacebookShare on Twitter

The Nigerian National Petroleum Company Limited (NNPCL) has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.

This was contained in a press release by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Wednesday.

The latest move by the national oil company has been described as a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts,

It would be recalled that in July, 2024, NNPCL and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd, introduced the Utapate crude oil blend, following the lifting of first cargo of 950,000 barrels which headed for Spain.

RelatedPosts

NNPCL Disowns Fake Financial Scheme

65 Years Of Darkness: How Nigeria’s Power Sector Became A Goldmine For Greedy And Corrupt Politicians

₦600Bn Debt, Dismal Uptake Of Electricity Weighing Down NDPHC Operations -Adighije

During a ceremony held at the Argus European Crude Conference, taking place in London, United Kingdom, on Wednesday, Managing Director, NNPC E & P Limited (NEPL), Mr. Nicholas Foucart, 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.

“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) 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,” Foucart told a packed audience of European crude oil marketers.

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.

Foucart said the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd, boasts a huge reserves of 330million barrels of crude oil reserves, 45 million barrels of condensate and 3.5 tcf of gas.

“We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025.

“Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.

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 Ltd (NTL), Mr. Lawal Sade, said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude.

He said this is so because 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.

Sade said, in bringing the new crude oil blend to the global market, NNPCL wanted to optimise value for both its producers and counterparties across the globe.

He added that, to ensure predictability and sustainability of supply, the NNPC Trading intends to run a term contract on the Utapate crude oil blend cargoes, principally targeting off-takers from the European and the US East Coast refineries.

“Produced from the Utapate Field in OML 13 in Akwa Ibom State in Nigeria, 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 low carbon footprint due to flare gas elimination, fitting perfectly into the required specification of major buyers in Europe.

“The NNPC E&P Ltd and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible and beneficial to the local communities.

“The Utapate Field Development Plan, executed between 2013-2019 and approved in October, included converting wells and facilities from swamp/marine to land-based operations.

“The plan involved a multi-rig drilling campaign for 40 wells and the development of significant infrastructure such as production facilities, storage tank, a subsea pipeline and an offshore loading platform to facilitate crude oil evacuation and loading.

“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 Oil Mining Lease (OML) 29 Joint Venture (JV).

“This remarkable achievement signals the commitment of the NNPCL to increasing Nigeria’s crude oil production and growing its reserves through the development of new assets,” it was added in the release.

author avatar
Newscoven
See Full Bio
Tags: NNPCLUtapate Crude Oil Blend
SendShare1Tweet1

Related Posts

NNPCL Disowns Fake Financial Scheme

NNPCL Disowns Fake Financial Scheme

by Newscoven
May 30, 2025
0
13

The Nigerian National Petroleum Company Limited (NNPCL) has disowned a fake AI-generated video circulating in the social media promoting a...

65 Years Of Darkness: How Nigeria's Power Sector Became A Goldmine For Greedy And Corrupt Politicians

65 Years Of Darkness: How Nigeria’s Power Sector Became A Goldmine For Greedy And Corrupt Politicians

by Newscoven
May 27, 2025
0
142

Since gaining independence in 1960, Nigeria’s greatest infrastructural shame remains its epileptic power supply. Despite over six decades of promises,...

₦600Bn Debt, Dismal Uptake Of Electricity Weighing Down NDPHC Operations -Adighije

₦600Bn Debt, Dismal Uptake Of Electricity Weighing Down NDPHC Operations -Adighije

by Newscoven
May 25, 2025
0
47

Niger Delta Power Holding Company (NDPHC) Limited has lamented that ₦600 billion debt owed the company, dismal uptake of electricity...

ICT | Science | Technology

FG, Globacom, Huawei Bridge Digital Divide With Pilot Project In Abuja Village

FG, Globacom, Huawei Bridge Digital Divide With Pilot Project In Abuja Village

May 31, 2025
7
NCC Orders Service Providers To Inform Consumers About Major Outages

NCC Orders Service Providers To Inform Consumers About Major Network Outages

May 26, 2025
90
Goloka Analytics Partners Meta On African Language Technology Project

Goloka Analytics Partners Meta On African Language Technology Project

April 23, 2025
51
NCC Hosts Forum On Unutilized/Unclaimed Airtime, Data Recharges

NCC Hosts Forum On Unutilised, Unclaimed Airtime, Data Recharges

April 9, 2025
70
We Need More than CNII Order to Secure Telecom Investments -Experts

We Need More than CNII Order to Secure Telecom Investments -Experts

March 26, 2025
30
Prev Next

Health

NNPC Foundation Commences 1,000 Free Cataract Extraction Surgeries In Ogun

NNPC Foundation Commences 1,000 Free Cataract Extraction Surgeries In Ogun

December 15, 2024
75

Akpabio Seeks UN Support For Malaria Vaccine Production

December 17, 2021
406

Cholera: Nigeria Records 31,425 Suspected Cases, 816 Deaths In 7 Months •51% Males; 49% Females •Bauchi Worst Hit With 11,375 Cases

August 11, 2021
366

Senator Alli Seeks Collaboration With NACA For Oyo South

April 7, 2024
101

197 Benefit From JDS “Project An Egg A Day” Initiative, 14th Edition

September 2, 2024
93

Drug Addicts Have No Excuse On Treatment-Marwa

June 30, 2022
269
Prev Next
Newscoven

NewsCoven.com is an independent and unbiased online news medium determined to take a holistic approach to reportage of events, covering all spheres of human activities, with refreshed zeal and vigour.

Contact: +234-805-732-0978

Categories

  • Achievers | Appointments
  • Agriculture
  • Analysis
  • Arts | Book Review
  • Banking & Finance
  • Business
  • Church
  • Crime | Court | Judiciary | Security
  • Culture | Religion
  • Editorial | Discourse | Opinion
  • Education
  • Energy | Oil & Gas
  • Entertainment | Sports
  • Environment | Community | Eye Report | Metro
  • Feature
  • Health
  • Hotels | Travels | Tourism
  • ICT | Science | Technology
  • Interviews
  • Islam
  • News
  • Peoples | Events
  • Politics
  • Reflections With Dapo Falade
  • Science
  • Uncategorized
  • Woman's Essence by Motunrayo Busari
  • World

Recent News

FG, Globacom, Huawei Bridge Digital Divide With Pilot Project In Abuja Village

FG, Globacom, Huawei Bridge Digital Divide With Pilot Project In Abuja Village

May 31, 2025
NCC Harnessing ICT To Revolutionise Health Sector -Maida

NCC Harnessing ICT To Revolutionise Health Sector -Maida

May 30, 2025
International Tourism Summit: Oyo To Unveil Six Investment-ready Sites

International Tourism Summit: Oyo To Unveil Six Investment-ready Sites

May 30, 2025

© 2024 NewsCoven - Beyond the Surface by DF Global Resources Enterprises.

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

No Result
View All Result
  • About Us
  • Advertisement
  • Breaking News | Latest Nigerian News Today
  • Checkout
  • Contact Us
  • Disclaimer
  • Home
  • Login/Register
  • My account
  • Privacy Policy
  • Terms of Use

© 2024 NewsCoven - Beyond the Surface by DF Global Resources Enterprises.