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.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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