Business
NNPCL Launches Utapate Crude to Increase Nigeria’s Oil Exports
The Nigerian National Petroleum Company Limited (NNPCL) has officially launched a new crude oil grade, the Utapate crude oil blend, to enhance the country’s foreign currency earnings and increase its presence in the global energy market.
NNPCL spokesperson Olufemi Soneye made the announcement in a statement on Wednesday.
This significant development was unveiled at the Argus European Crude Conference, held in London, where the Managing Director of NNPC E & P Limited (NEPL), Nicholas Foucart, emphasized that the introduction of Utapate marks a milestone for Nigeria’s crude oil exports.
Foucart shared that production of the Utapate Field began in May 2024, and since then, the output has grown rapidly to 40,000 barrels per day (bpd) with minimal downtime.
He highlighted that five cargoes of the new blend have already been exported, mainly to Spain and the East Coast of the United States.
Additionally, two more cargoes are scheduled for shipment in November and December 2024, further boosting Nigeria’s crude oil exports.
One of the key reasons for Utapate’s success in the international market is its highly attractive qualities, according to Foucart.
The Utapate crude is sourced from Oil Mining Lease (OML) 13, which is fully operated by NEPL and its partner Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd. OML 13 holds significant reserves, including 330 million barrels of crude oil, 45 million barrels of condensate, and an impressive 3.5 trillion cubic feet (tcf) of gas.
This rich reserve underpins the potential for future growth in Nigeria’s crude oil production.
Looking ahead, Foucart outlined plans to ramp up production from the current 40,000 barrels per day to 50,000 bpd by January 2025.
By June 2025, production is expected to reach between 60,000 and 65,000 bpd, with a longer-term target of 80,000 bpd by the end of 2025.
Lawal Sade, Managing Director of NNPC Trading Limited, explained that the pricing structure of the Utapate blend is similar to that of the Amenam crude.
This is because both are light sweet crudes, highly valued by refiners worldwide for their low sulphur content and efficient yield of high-quality refined products.
The API gravity and other properties of Utapate make it an attractive option for global refineries.
Business
Government Pledges Support for Women in Livestock Development Says Minister Maiha
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Business
“Minimum Wage Can Buy a Bag Now” — User Claims Rice Price Falling in Nigeria
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Business
New Telecom that Allows Minutes Instead of Airtime for Calls Launches in Nigeria
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
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