NNPC, Aiteo launch Nembe crude oil grade with 2 cargoes
Sopuruchi Onwuka
Nigeria’s crude oil offerings to the international market have continued to increase with the new Nembe crude oil grade which has been launched by the partners in the operations of the Nembe petroleum assets.
The Nembe crude oil grade is produced from the onshore Nembe oilfields in oil mining lease (OML) 29 operated by Aiteo in a joint venture with the Nigerian National Petroleum company (NNPC) Limited in the Niger Delta.
With the launch of the new oil grade, the partners promptly introduced two cargoes of 1.9 million barrels into the market in two separate cargoes of 950,000 barrels each
Chief Corporate Communications Officer of NNPC Limited, Olufemi O. Soneye, declared in Abuja that the announcement was made at the Argus European Crude Conference in London.
The OML 29, an asset located onshore Nigeria, was acquired from Shell in 2014 and operated by indigenous Aiteo Eastern Exploration & Production Limited.
The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Shell operated Bonny Oil & Gas Terminal.
The unique selling point of the Nembe Crude Oil grade with API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.
The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.
Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.
With the NNPC-Aiteo OML 29 JV back onstream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.
This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.
The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).
It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.
Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been debottlenecked through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.
The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.
