The NNPC/ Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.
With the NNPC-Aiteo OML 29 JV back on stream, Nigeria now boasts of an additional crude oil export of 2 cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.
This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal, which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
The announcement of the Nembe Crude Oil 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 & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.
The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.
The unique selling point of the Nembe Crude Oil 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, known for its low sulphur content and low carbon footprint due to flare gas elimination, has attracted attention from major European buyers.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade were 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.
The Nembe terminal, designed as a Floating Storage and Offloading Vessel, has a storage capacity of two million barrels and can offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers.
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 operation.
This development is a significant step for the oil and gas industry and opens up new opportunities for the Nigerian oil sector.
The Argus European Crude Conference in London provides a platform for industry leaders to connect and discuss these developments in the global oil markets.
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