It’s so Good: Nigeria Discovers New Type of Crude Oil in Bayelsa, Europe Interested, Ready to Buy
It’s so Good: Nigeria Discovers New Type of Crude Oil in Bayelsa, Europe Interested, Ready to Buy
Nigeria has discovered a new type of Crude oil garde in Nenbe with high-value product production.
European countries’ refineries have shown interest in the newfound crude oil as it contains low sulfur.
The latest find in Nenbe, Bayelsa State, now increased the total number of oil grades peculiar in Nigeria to six.
The Nigerian National Petroleum Company Limited (NNPCL) has launched a new crud eouk grade called ‘Nembe’.
This Nembe oil is close to other Nigerian extract-rich grades such as Forcados, Bonga, and Egina as it is light, sweet Crude oil with a little sulfur content.
Moreover, Nembe oil is convenient for manufacturing gasoline and other quality products.
NNPC’s New Crude Oil Grade
The executive director of Crude oil and condensate at NNPC Trading, Maryamu Idris, said to Reuters that the first cargoes comprising two 950,000 barrels of the new grade were sold to France and the Netherlands in October 2023.
She stated:
“The low-sulfur grade commands a premium to the global Brent benchmark. It is such a good grade that can compete with Brazilian and Azeri crude grades for European refiners.”
NNPC is trying to increase crude oil manufacturing, recently around 50,000 barrels a day, to 80,000 barrels a day by the first four months of next year(first quarter of next year) and 150,000 barrels a day by the start of the next two years, that’s 2025.
Other Important Things to Know about Nembe Oil
- Nembe crude oil is manufactured by Aiteo, Nigeria’s largest indigenous oil producer.
- It is manufactured from the Nembe Greek Trunk Line (NGTL), which is the main oil pipeline in Niger Delta.
- Nembe crude oil is of very high quality and the grade is anticipated to become increasingly popular with refiners in the European market in 2024 and beyond.
Nembe Crude oil will bring Nigeria a new source of income and help to broaden the country’s crude oil exports.
Why Dangote Refinery is Delaying Production as Five Modular Refineries Take Off
An earlier report has it that the inability to supply crude oil to domestic refineries, including the Dangote refinery has detained manufacturing.
The development comes as the Dangote Refinery broke down to meet its October production deadline. This is the second time the refinery has missed its production date in 2023 since it was commissioned on 22 May 2023.
