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He said that production from the Utapate field, which began in May 2024, has already reached 40,000 barrels per day and is set to increase to 80,000bpd by the end of 2025. The NNPC official 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 European and the US East Coast refineries.
“Similar to the Nembe crude oil grade, the Utapate crude oil blend 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,” Mr Soneye said in August.