Repsol, others win tenders 950,000 barrels for Nigeria’s new crude oil

Spanish oil giant Repsol has won the tender for the initial shipment of 950,000 barrels of Nigeria’s new low-sulphur crude oil blend, Utapate.

Additionally, Gulf Transport and Trading, a major crude oil dealer, has secured tenders for Utapate cargoes scheduled for August and September 2024.

This announcement was made by Olufemi Soneye, spokesperson for the Nigerian National Petroleum Company Limited (NNPC Ltd), in a statement released on Monday.

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Soneye detailed that Utapate, introduced to the international market by NNPC Ltd, commenced operations in July 2024. The first cargo, loaded onto the Suezmax vessel Front Seoul on July 24, is en route to Las Palmas in the Canary Islands and will be delivered to the Spanish refiner Repsol SA.

Located offshore Akwa Ibom State, Utapate is currently producing 28,000 barrels per day, with the capacity to increase to 50,000 barrels per day.

The crude has a sulphur content of 0.0655 percent, making it comparable to the highly sought-after Amenam crude.

Soneye noted, “Gulf Transport and Trading has also secured tenders for Utapate cargoes for August and September 2024.

The Utapate blend, like the previously announced Nembe crude oil produced from the NNPC/Aiteo-operated OML 29 Joint Venture, features low sulphur content and a reduced carbon footprint due to flare gas elimination. This makes it well-suited for major European buyers.”

This development underscores NNPC Ltd’s commitment to enhancing Nigeria’s crude oil production and expanding reserves through the development of new assets.

As of June, Nigeria’s daily oil production was reported at 1.25 million barrels per day by the Organisation of the Petroleum Exporting Countries (OPEC) and the Nigerian Upstream Petroleum Regulatory Commission.

However, President Bola Tinubu recently stated that production had risen to 1.6 million barrels per day in July, though this figure is yet to be officially confirmed.

In line with this, the NNPC has been tasked with achieving a production target of 2 million barrels per day.

This target includes supplying 450,000 barrels per day to Dangote and other local refineries, as per the President’s directives. Last week, President Tinubu also instructed the NNPC to sell crude oil to domestic refineries in naira.

Repsol, others win tenders 950,000 barrels for Nigeria’s new crude oil

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