NEWS AGENCY OF NIGERIA
NNPC Limited logo

NNPC Ltd., Aiteo JV inaugurate Nembe crude oil grade

follow and like on:
X (Twitter)
Visit Us
Follow Me
Instagram
Telegram
29 total views today

By Emmanuella Anokam

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.

The announcement of the Nembe crude blend produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London on Tuesday.

OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration and Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.

A statement issued on Wednesday by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said that the Nembe crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil and Gas Terminal.

Soneye said the unique selling point of the Nembe grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.

“The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.

“Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands.

“With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.

“With the NNPC-Aiteo OML 29 JV back onstream, Nigeria now boasts of an additional crude oil export of two Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly,” he said.

See also  Deep water oil segment in Nigeria stuck for 10 years – Bouyer

Soneye said this remarkable achievement signaled the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.

He further said the terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two million barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).

“It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation,” he added.

Soneye said currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has been debottlenecked.

This, he said, was through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.

The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets.

The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another. (NAN)(www.nannews.ng)

============
Edited by Bashir Rabe Mani

follow and like on:
X (Twitter)
Visit Us
Follow Me
Instagram
Telegram

Published By

Afonne Emmanuel
Has also recently published
See also  FG discovers illegal crude oil connection in Abia
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

You cannot copy content of this page

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email
0
Would love your thoughts, please comment.x
()
x