The Nigerian National Petroleum Corporation (NNPC) Ltd has announced the launch of a new crude oil blend, Utapate, which is expected to increase Nigeria’s oil production and revenue. The new blend, sourced from Oil Mining Lease (OML) 13, is a significant milestone in the corporation’s efforts to optimize the country’s oil resources.
According to the NNPC, the Utapate crude oil blend is a high-quality product with a unique composition that makes it an attractive option for international buyers. The corporation expects the new blend to command a premium price in the global market, thereby increasing Nigeria’s oil revenue.
The launch of Utapate is part of the NNPC’s strategy to diversify its crude oil offerings and reduce dependence on traditional grades. The corporation has invested heavily in exploration and production activities, leading to the discovery of new oil fields and the development of existing ones.
The NNPC has also partnered with international oil companies to enhance its production capacity and improve the quality of its crude oil output. The Utapate blend is expected to be exported to various countries, including those in Europe and Asia.
Industry experts have welcomed the launch of Utapate, describing it as a positive development for Nigeria’s oil and gas sector. They expect the new blend to increase Nigeria’s market share in the global oil market and provide a boost to the country’s economy.