Emmanuel OchayiThe Nigerian National Petroleum Company Limited (NNPCL) and Aiteo have jointly introduced the Nembe crude oil grade.
The announcement was made at the Argus European Crude Conference in London, with Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, delivering the news on Wednesday, November 8.
“The Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was launched on Tuesday, November 7,” stated the NNPCL. “This unique blend, which boasts an API gravity of 29, low sulfur content, and a minimal carbon footprint due to flare gas elimination, aligns perfectly with the preferences of major European buyers.”
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What sets the Nembe Crude Oil grade apart is its API gravity and environmental sustainability. The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
However, with this independent launch, the Nembe Crude Oil grade now commands a premium over the global Brent benchmark, signifying a shift in the Nigerian crude oil export landscape.
Two cargoes, each comprising 950,000 barrels of the Nembe Crude Oil grade, have already been exported to France and the Netherlands, marking the commencement of this exciting new venture.
Additionally, Nigeria has achieved a milestone with the launch of the Nembe Crude Oil Export Terminal (NCOET). This cutting-edge facility features a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two million barrels.
The NCOET bolsters Nigeria’s export capabilities, enabling the loading of two cargoes at 950,000 barrels each, and an additional 1.2 billion cubic feet of export gas every month.
Operating in full compliance with established laws and regulations, the NCOET can transfer crude oil to a variety of export tankers, from AFRAMAX to a Large Crude Carriers (VLCC), boasting loading capacities of 25,000 barrels per hour. Upon reaching its full operational capacity, the NCOET is projected to export over 3.6 million barrels of crude oil monthly.
This achievement follows the successful debottlenecking of hydrocarbon production from OML 29, which resolved previous evacuation challenges, particularly along the Nembe Creek Trunk Line (NCTL) corridor.
Innovative solutions have tackled these issues, leading to the establishment of the Alternative Crude Oil Evacuation Solution, allowing for smoother evacuation and unlocking OML 29’s production potential.
With this step, Nigeria establishes itself as a player in the international crude oil market, offering a sustainable and high-quality product that’s in high demand by European buyers.
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