The Nigerian National Petroleum Corporation Limited (NNPCL) has officially unveiled its latest crude oil grade, the Utapate crude oil blend, to the international crude oil market.

This development is seen as a major boost for Nigeria’s crude oil production, revenue generation, and overall economic growth efforts, according to NNPCL.

In a statement signed by its Chief Corporate Communications Officer, Olufemi Soneye, on Wednesday in Abuja, the NNPCL revealed that the new product was presented to a packed audience of European crude oil marketers at the ongoing Argus European Crude Conference in London, England.

It is worth noting that in July 2024, NNPC Ltd. and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd., introduced the Utapate crude oil blend, following the lifting of the first cargo of 950,000 barrels, which was shipped to Spain.

During the event in London, the Managing Director of NNPC E&P Limited (NEPL), Mr. Nicholas Foucart, described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil exports to the global energy market.

“Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market,” Foucart told the audience of European crude oil marketers.

He further noted that since its introduction, the Utapate crude oil blend has received a positive response from the international market due to its highly attractive qualities.

Foucart mentioned that the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd., has a substantial reserve of 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 trillion cubic feet of gas.

“We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.

He emphasized that the Utapate crude oil terminal is sustainable, affordable, and fully compliant with rigorous environmental regulations and sustainability principles, especially those focused on reducing carbon emissions and other ecological effects.

The Managing Director of NNPC Trading Ltd. (NTL), Mr. Lawal Sade, also spoke at the event, explaining that the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude. He noted that it is a light sweet crude, highly sought after by refiners worldwide due to its low sulphur content, efficient yield of high-value products, API gravity, and other key characteristics.

In bringing the new crude oil blend to the global market, NNPC Ltd. aims to optimize value for both its producers and global counterparts.

To ensure predictability and sustainability of supply, NTL intends to run a term contract for Utapate crude oil blend cargoes, primarily targeting off-takers from European and U.S. East Coast refineries.

The Utapate crude oil blend, produced from the Utapate field in OML 13 in Akwa Ibom State, Nigeria, is similar to the Nembe crude oil grade. It has a low sulphur content of 0.0655% and a low carbon footprint due to flare gas elimination, making it a perfect fit for major buyers in Europe.

The NNPC E&P Ltd. and NOSL partnership is committed to operating in a safe, environmentally responsible manner while benefiting local communities.

The Utapate field development plan, which was executed between 2013-2019 and approved in October, included converting wells and facilities from swamp/marine to land-based operations. It also involved a multi-rig drilling campaign for 40 wells and the development of significant infrastructure, such as production facilities, storage tanks, a subsea pipeline, and an offshore loading platform to facilitate crude oil evacuation and loading.

The introduction of the Utapate crude oil blend into the market comes just a year after NNPC Ltd. launched the Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).

Justice Inyang Ekwo of the Federal High Court in Abuja has approved the request of the Inspector General of Police, Kayode Egbetokun, to arraign former Anambra South Senator, Senator Andy Uba, on a two-count charge related to an alleged N400 million fraud.

Justice Ekwo has scheduled February 18, 2025, for the defendant’s plea hearing, following accusations that Uba defrauded George Uboh, whose complaint led to the charge being filed.

Crystal Chidinma Uba and Benjamin Etu are also named as the 2nd and 3rd defendants in the suit, which was brought before the court.

The IGP claims that the defendants, together with one Hajiya Fatima, who is currently at large, conspired in 2022 to deceive the complainant by presenting a false claim that they could secure the position of managing director of the Niger Delta Development Commission (NDDC) for anyone willing to pay N400 million.

The defendants are alleged to have committed an offense under section 8, punishable under section 1(3) of the Advance Fee Fraud and Other Fraud-Related Offences Act of 2006.

Dennis Idahosa, the Deputy Governor of Edo State, has revealed that Adams Oshiomhole, the senator representing Edo North, opposed the nomination of his son Cyril as commissioner in the state.

Cyril, a medical doctor, was nominated by Governor Monday Okpebholo to serve as the Commissioner for Health and was sworn in on Tuesday at the Government House in Benin City.

In an interview on Channels Television’s Sunrise Daily on Wednesday, Idahosa denied claims that Oshiomhole had any role in influencing the appointment, clarifying that the decision was based entirely on Cyril’s qualifications.

The Deputy Governor emphasized that Cyril, a US-trained medical doctor, is fully qualified for the role.

“Senator Adams Oshiomhole is a Senator of the Federal Republic of Nigeria, and his son, like any other individual, has his own destiny,” Idahosa said.

“Cyril is a seasoned medical doctor. He studied in Nigeria and went on to further his studies in the United States.

“He is fully qualified to be in the cabinet, the fact that he is Oshiomhole’s son does not disqualify him from holding a position he is competent to manage. He will serve as Commissioner for Health based on merit.”

The Deputy Governor also responded to allegations of nepotism, asserting that the nomination had no connection to family ties.

“This position has nothing to do with Adams Oshiomhole. In fact, Adams opposed it,” the Deputy Governor said.

“He was against the nomination because of the vision the governor has for the people of Edo state.”

Idahosa also addressed criticisms from former President Olusegun Obasanjo, who recently commented on the issue of state capture.

He rejected any connection between Obasanjo’s remarks and Oshiomhole’s actions, stressing that Edo State is committed to merit-based governance.