The Nigerian National Petroleum Company Limited (NNPC) has introduced a new type of crude oil called Utapate to the global market. This is a big achievement for Nigeria’s oil exports. The Utapate blend, which was created in July 2024 with the help of Sterling Oil Exploration & Energy Production Company (SEEPCO), has already been shipped successfully, including a first shipment of 950,000 barrels to Spain.
Since production started in May 2024, the daily output has grown to 40,000 barrels. There are plans to raise this to 50,000 barrels per day by January 2025 and 65,000 barrels per day by mid-2025.
The field, found in OML 13 in Akwa Ibom State, is expected to produce up to 80,000 barrels per day by the end of 2025. The Utapate blend is popular worldwide because it has low sulphur and is made in a way that is good for the environment, which matches the global need for cleaner and more efficient oil.
The blend is comparable to Amenam crude oil, which is known for its light, sweet quality and high production of valuable refined products. The NNPC wants to make long-term deals with refineries, mainly in Europe and on the U.S. East Coast, to keep a steady supply. The field is expected to have large reserves, including 330 million barrels of crude oil, 45 million barrels of condensate, and significant natural gas reserves.
The successful launch of the Utapate crude is expected to contribute significantly to Nigeria’s oil revenue and economic growth.