The NNPC/Aiteo Joint Venture has made a landmark move by launching the Nembe Crude Oil Grade, ushering in a new player in the international oil market. They made the announcement at the Argus European Crude Conference in London.
Aiteo Eastern Exploration & Production Ltd, operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture, spearheaded the development of Nembe Crude. This follows their acquisition of OML 29 from Shell in 2014.
Nembe Crude, previously blended with Bonny Light, now stands on its own. It boasts a high API gravity and low sulphur content, factors that appeal to environmentally conscious buyers in Europe.
France and the Netherlands have received two 950,000-barrel shipments of Nembe Crude. Its desirable properties have enabled it to attract premium pricing.
The new Nembe Crude Oil Export Terminal (NCOET) has begun operations, marking a significant increase in Nigeria’s export potential. The terminal, with a two million barrel capacity, supports efficient loading for various tanker sizes.
The launch marks a pivotal strategy shift, addressing past production issues with the Nembe Creek Trunk Line. The innovative Alternative Crude Oil Evacuation Solution has enhanced security and efficiency in oil transport.
The Argus European Crude Conference has provided a platform for the Nembe Crude introduction, positioning Nigeria as a forward-thinking industry participant.
The NNPC/Aiteo JV’s efforts have significantly increased Nigeria’s crude oil and gas export capabilities.
Olufemi O. Soneye, NNPC Ltd.’s Chief Corporate Communications Officer, has relayed this advancement in energy sector communications from Abuja.
