Nigeria, a major African oil producer, has officially launched its new crude oil grade, Utapate.
The state-owned Nigerian National Petroleum Company (NNPC) and its partner, Natural Oilfield Services, are aiming to significantly increase production of this new grade.
The launch of Utapate is part of Nigeria’s broader strategy to boost its oil output.
Despite ongoing challenges such as unrest and crude theft, the country is committed to increasing its production capacity.
NNPC recently announced a target of reaching 2 million barrels per day by the end of the year.
Utapate is a high-quality crude with an API gravity of around 44 and a low sulfur content of 0.07%.
This makes it highly competitive in the global market, competing with other Nigerian grades like Amenam and Agbami, as well as international grades such as Azeri Light.
NNPC is actively seeking long-term contracts with refineries in Europe and the U.S. East Coast to secure a stable market for Utapate.
The company is aiming to double production from the current 40,000 barrels per day to 80,000 barrels per day by the end of 2025.
With the successful launch of Utapate, Nigeria is poised to strengthen its position as a key player in the global oil market.