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NNPC’s Utapate crude grade hits global oil market to boost revenue

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NNPC Nieuws

Nederland Laatste Nieuws,Nederland Headlines

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 to boost the country’s foreign currency revenue generation. The Spokesperson of NNPCL, Olufemi Soneye, disclosed this in a statement on Wednesday.

During a ceremony held at the Argus European Crude Conference in London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P Limited , 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 with minimum downtime.

Foucart said the Oil Mining Lease 13, fully operated by NEPL and Natural Oilfield Services Ltd , a subsidiary of SEEPCO Ltd, boasts a huge reserve of 330 million barrels of crude oil, 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 40,000 bopd to 50,000 bopd by January 2025 and 60,000 bopd to 65,000 bopd by June 2025.

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