The new Nembe grade has a low sulphur content and holds a premium over the Brent crude benchmark.
Nigerian NOC NNPC and oil and gas entity Aiteo Eastern E&P Company will market the new Nembe crude oil grade through a joint venture.
This marks the first time for a crude marketing project run solely by Nigerian companies.
Nembe oil is produced from the recently on line OML 29 block, with two cargoes of 950,000 barrels of oil each and 1.2 bcf of gas exported per month.
According to Reuters the oil is bound for France and the Netherlands.
Previously production had been constrained due to security issues in the Nembe Creek Trunk Line corridor.
Aiteo Eastern E&P Company operates the onshore OML 29 concession alongside NNPC.
The launch of the new oil grade coincides with the opening of Nigeria’s Nembe Crude Oil Export Terminal.
The facility consists of an FSO with a storage capacity of 2 million barrels that can offload oil to export tankers.
Previously the Nembe grade was blended with Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
Nigeria has ramped up production in recent months to around 1.5 million bopd, up from 1.39 million bopd in September 2023 and is targeting production of 1.8 million bopd by the end of 2023.
Nigeria remains Africa’s top oil producer.
In September 2023, NNPC signed an agreement with partnered oil majors to cut deadlines on contract negotiations from three years to six months.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.