The Nigerian National Petroleum Corporation Limited (NNPCL) has announced the official unveiling of its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.
The development is a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, according to the NNPCL.
In a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, on Wednesday in Abuja, the NNPCL stated that the new product was unveiled before a packed audience of European crude oil marketers at the ongoing Argus European Crude Conference taking place in London, England.
It would be recalled that in July 2024, NNPC Ltd. and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd. introduced the Utapate crude oil blend, following the lifting of the first cargo of 950,000 barrels which headed for Spain.
During a ceremony held at the Argus European Crude Conference taking place in London, United Kingdom, on Wednesday, 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.
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