The NNPC-Aiteo OML 29 Joint Venture took the spotlight at the Argus European Crude Conference in London, launching the Nembe crude oil grade. Post-OPEC, oil prices soared to $65.85, setting a robust backdrop for the introduction.
Produced onshore Nigeria by Aiteo E&P, the Nembe crude parallels the country’s renowned Forcados and Bonga grades. Maryamu Idris of NNPC Trading emphasized its similarity to Nigeria’s high-quality oils.
Executives showcased the Nembe grade’s appeal, noting its optimal API, reduced sulfur, and minimized carbon emissions. The grade, once merged with Bonny Light, now stands alone, aligning with Europe’s stringent standards.
The debut also marks the operational start of the Nembe Crude Oil Export Terminal. Licensed per regulatory standards, this Floating Storage and Offloading Vessel boasts impressive capacity and promises exports of over 3.6 million barrels of oil monthly.
OML 29’s hydrocarbon production has overcome previous evacuation constraints. Thanks to innovative solutions, the JV has tackled security challenges around the Nembe Creek Trunk Line.
This success story is a testament to the power of partnership, highlighting the synergy between NNPC Limited, operators, and regulators.
The JV’s milestone has led to significant exports to France and the Netherlands. The Nembe grade’s premium quality now enhances Nigeria’s export profile, adding 1.9 million barrels and 1.2 billion cubic feet of gas monthly to the international market.
Further expansion is on the horizon with a new pipeline set to boost Nembe’s output to 3.6 million barrels monthly.
The Argus European Crude Conference remains pivotal as it fosters connections and knowledge sharing among the global oil market’s key players.
