NNPC and Aiteo just launched a new type of crude oil called Nembe Crude Oil Grade. It’s like the latest addition to the international oil market, and it’s making waves!
So, Aiteo, the operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture, introduced this cool new crude oil blend at the Argus European Crude Conference in London. This blend is produced by Aiteo, and it’s a big deal because it’s a game-changer in the oil industry.
OML 29 is located onshore Nigeria and is operated by Aiteo Eastern Exploration & Production Ltd. They got this asset from Shell in 2014, and now they’re making moves with the Nembe Crude. Before, the Nembe Crude was mixed with the popular Bonny Light grade and shipped out from the Bonny Oil & Gas Terminal.
What’s so special about the Nembe Crude Oil grade, you ask? Well, it’s got a low sulphur content and a low carbon footprint because they’ve eliminated flare gas. This makes it super attractive to major buyers in Europe. Plus, it has an API gravity of 29, which is pretty impressive.
The best part is that they’ve already exported two cargoes of 950,000 barrels each to France and the Netherlands. And get this, the Nembe Crude Oil grade is selling at a premium to the global Brent benchmark. That’s a big win for Nigeria!
With the NNPC-Aiteo OML 29 JV back in action, Nigeria is now exporting 2 cargoes of 950,000 barrels each per month and 1.2 Bcf of export gas monthly. That’s huge! And they’ve kicked off operations at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET). This terminal is no joke – it’s a Floating Storage and Offloading Vessel (FSO) with a storage capacity of 2 million barrels. It can offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC). And get this, it can load 25,000 barrels per hour and will be exporting over 3.6 million barrels of crude oil monthly at full scale of operation.
But here’s the real game-changer – the Nembe Creek Trunk Line (NCTL) corridor used to hold back hydrocarbon production from OML 29 due to security issues. But now, they’ve come up with an Alternative Crude Oil Evacuation Solution that’s de-bottlenecked the whole operation. That’s some serious innovation right there!
The Argus European Crude Conference 2023 in London is where all the big shots in the oil industry come together. It’s a chance for them to connect, share ideas, and learn from each other. And with the launch of the Nembe Crude Oil grade, you can bet there’s a lot of buzz at the conference!