In a groundbreaking announcement, the Nigerian National Petroleum Company NNPC and Aiteo Launch Nembe Oil Grade to the international market. Two significant cargoes, totaling 950,000 barrels each, have already been successfully exported to France and the Netherlands.
The NNPC and Aiteo Launch Nembe crude boasts an attractive Assay of API 29 and a low sulfur content, commanding a premium over the global Brent benchmark. Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture, unveiled this new addition at the Argus European Crude Conference in London.
Previously blended with Bonny Light grade, the Nembe Crude Oil stands out with its unique selling points, including a low carbon footprint due to flare gas elimination, aligning with the preferences of major European buyers.
Operated by Aiteo Eastern Exploration & Production Ltd, OML 29, situated onshore Nigeria, has overcome evacuation challenges, notably security issues around the Nembe Creek Trunk Line (NCTL) corridor. This hurdle was surmounted through a collaborative approach, leading to the innovation of the Alternative Crude Oil Evacuation Solution.
The successful launch of the Nembe Crude Oil Export Terminal (NCOET), licensed in accordance with existing laws and regulations, signifies a remarkable achievement for Nigeria. Designed as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two million barrels, the terminal has a loading capacity of 25,000 barrels per hour and is set to export over 3.6 million barrels of crude oil monthly at full operational scale.
With the NNPC-Aiteo OML 29 JV now back onstream, Nigeria has added two cargoes, each containing 950,000 barrels, to its monthly crude oil exports, along with 1.2 Bcf of export gas. This development marks a significant milestone for the country’s energy sector, opening new avenues for export and contributing to its global standing in the oil markets.
The ongoing Argus European Crude Conference in London serves as a platform for key players in the energy sector to connect, discuss, and share insights. The event is a critical opportunity for business leaders to learn from each other and stay abreast of developments in the global oil markets.
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