Nigeria Begins Sale of New Type of Crude Oil, Gets First Customer [Video]

• Nigeria has introduced a new crude oil grade, “Utapate,” featuring lower sulfur content produced in Akwa Ibom State
• The first shipment of Nigerian Utapate crude has departed for Europe, as Spain shows interest due to the crude’s suitability for producing cleaner fuels
• NNPC Limited is planning to increase to 50,000 barrels per day as the crude fits perfectly into the required spec of major buyers in Europe

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Corporation (NNPC) Ltd has announced the launch of the Utapate crude oil blend, a new grade of crude oil, into the international market.

The oil is produced from Oil Mining Lease (OML) 13, fully operated by NNPC Ltd’s upstream subsidiary, Nigerian Petroleum Development Company (NEPL).

The Utapate crude oil blend began …