New crude oil grade launched in Nigeria

A new crude oil grade has been unveiled in Nigeria. Nigerian National Petroleum Corporation (NNPC) Ltd. made the launch of the dubbed Nembe crude oil grade to the market.

According to the state owned firm, the Nembe crude oil is produced from OML 29, onshore Nigeria. The Asset is operated by an indigenous operator, Aiteo E&P, which took over operations from Shell after their divestment from the Asset. Nembe crude was previously blended with the Bonny Light grade and exported via the Bonny oil and gas terminal.

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Nembe crude oil

NNPC and oil firm Aiteo Eastern E&P Co. Ltd, will jointly managed and market the product. Executive Director of Crude and Condensate at NNPC Trading said the new grade is similar to Nigeria’s other distillate-rich blends, including Forcados, Egina, and Bonga, and commands a premium to the global Brent benchmark, boasting the potential to compete with crudes from Brazil and Azerbaijan on the European market.

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.