Business

NNPCL Launches Utapate Crude to Increase Nigeria’s Oil Exports

Published

5 months ago

November 21, 2024

Photo source: Google

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

Nigerians Cry Out as CBEX Investment Platform Collapses, EFCC Steps In To Investigate

Published

1 week ago

April 16, 2025

Ese Ohwofa

It has been reported that Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.

It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.

Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.

Business

Middlemen Are Keeping Petrol Prices High in Nigeria — CORAN Says

Published

2 weeks ago

April 7, 2025

Gift Ogieva

Photo source: Google

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has shed light on why Nigerians are still paying high prices for petrol, even though global crude oil prices have dropped sharply.

According to CORAN, the main reasons behind the high cost of Premium Motor Spirit (PMS) include the recent halt of the Naira-for-crude arrangement, the activities of profit-driven middlemen, and the rising exchange rate of the dollar.

Speaking on the matter, CORAN’s spokesperson, Eche Idoko, pointed out that these factors have made it difficult for Nigerians to enjoy any real relief at the pump. Crude oil prices recently dropped to around $64 per barrel for Brent and roughly $59.7 for WTI. This decline followed a new round of tariffs and a surprise production cut announcement by OPEC+.

Despite the global price drop, local fuel prices in Nigeria continue to rise. Idoko explained that middlemen are playing a big role in keeping prices up and preventing local refining from thriving. He also mentioned that the cost of importing refined products, logistics, and foreign exchange challenges all add up to push petrol prices even higher.

At the moment, petrol prices in Nigeria range from N900 to N975 per litre depending on the area. This increase came shortly after several major players in the industry, including partners of the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL), raised their pump prices.

Business

MRS Increases Petrol Price to N950 in Abuja and N930 in Lagos

Published

3 weeks ago

March 31, 2025

Gift Ogieva

Photo source: Google

MRS filling stations, a partner of Dangote Refinery, have raised petrol prices to N930 per litre in Lagos and N950 per litre in Abuja.

On Saturday, the MRS station along Kubwa Expressway in Abuja was already selling at the new rate, marking an increase of N70 to N80 per litre from the previous prices of N860 and N880.

A motorist in Abuja reacted to the price hike, saying it was expected after Dangote Refinery announced that it had stopped selling petrol in Naira.

The refinery had revealed on March 19 that it would no longer conduct petrol sales in local currency, a move that has now led to adjustments in pump prices across several stations.

Other filling stations in Abuja have also increased their rates. Empire Filling Station in Gwarimpa, for instance, raised its price to N975 per litre from N945.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) maintained its pump price at N880 per litre in Abuja as of Saturday evening.