In a strategic move to enhance Nigeria's crude oil output and economic growth, the Nigerian National Petroleum Corporation Ltd (NNPCL) has officially introduced the Utapate crude oil blend to the international market.
This new grade, developed in partnership with Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd, marks a milestone for the nation's energy sector.
The first shipment of 950,000 barrels, transported in July 2024, was exported to Spain. The Utapate blend is expected to strengthen Nigeria's oil market presence and drive revenue generation.
During a ceremony held at the Argus European Crude Conference in London, United Kingdom, yesterday, the Managing Director, NNPC E & P Limited (NEPL), Mr. 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.
The NNPCL Chief Corporate Communications Officer, Mr Olufemi Soneye disclosed this in a press statement yesterday.