The Nigerian National Petroleum Company (NNPC) Ltd has unveiled a new addition to the international crude oil market by introducing Nembe Crude Oil Grade. This exciting development was announced at the ongoing Argus European Crude Conference in London. The new Nembe Crude Oil Blend, produced by Aiteo, the operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), brings fresh opportunities to the global energy market.
OML 29, a valuable onshore asset in Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer. This achievement follows a historic acquisition from Shell in 2014, highlighting the growing prominence of indigenous players in the energy sector.
Previously, the Nembe Crude was blended with the renowned Bonny Light grade and exported through the Bonny Oil & Gas Terminal. The uniqueness of the Nembe Crude Oil grade lies in its API gravity, which was emphasized by both Aiteo E & P and NNPC Limited leadership at the Argus Conference in London. Additionally, this grade boasts a low sulfur content and a reduced carbon footprint, thanks to the elimination of flare gas, making it a perfect fit for the specifications required by major European buyers.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have been successfully exported to France and the Netherlands. The grade’s attractive API of 29 and low sulfur content enable it to command a premium compared to the global Brent benchmark.
With the NNPC-Aiteo OML 29 JV operating at full capacity, Nigeria now enjoys the privilege of an additional crude oil export, amounting to 2 cargoes at 950,000 barrels each per month, along with 1.2 Bcf of export gas every month. This development enhances Nigeria’s position in the global energy market and signifies the country’s commitment to sustainable and innovative energy practices.
