In a significant advancement at the Argus European Crude Conference, the collaboration between the Nigerian National Petroleum Corporation (NNPC) and Aiteo Eastern E&P Company has made headlines. Guided by the visionary pan-African billionaire Benedict Peters, they proudly introduced the Nembe Crude Oil Grade, marking a new chapter in Nigerian oil exports on the global stage.
The Nembe Crude Oil Grade is poised to redefine the standards of the international oil market with its distinctive API gravity and minimal sulfur content. This new premium crude oil variety is set to elevate Nigeria’s profile in the global energy landscape.
At the forefront of the Nembe Crude’s production is Aiteo, under the leadership of Benedict Peters. Operating in partnership with NNPC’s Oil Mining Lease (OML) 29 Joint Venture, Aiteo has been pivotal in developing the Nembe Crude blend. Diverging from the traditional Bonny Light grade blend, the Nembe Crude Oil Grade has already dispatched two shipments, each with 950,000 barrels to France and the Netherlands, thereby bolstering Nigeria’s export capabilities.
With the OML 29 JV now fully operational, Nigeria anticipates the exportation of two additional cargoes monthly, each comprising 950,000 barrels of this premium crude, in addition to exporting 1.2 billion cubic feet of gas. The operations have commenced at the new Nembe Crude Oil Export Terminal (NCOET), which is equipped as a Floating Storage and Offloading Vessel (FSO). The terminal’s impressive facilities include a 2 million-barrel storage capacity and the capability to load 25,000 barrels per hour.
The introduction of the Nembe Crude Oil Grade is a testament to Nigeria’s commitment to expanding its footprint in the global oil market. This milestone was achieved through the Alternative Crude Oil Evacuation Solution, addressing the evacuation difficulties previously encountered due to security concerns along the Nembe Creek Trunk Line (NCTL).
Aiteo’s Role in Nigeria’s Oil Industry Expansion
Under the stewardship of Benedict Peters, Aiteo has established itself as a dominant force in Nigeria’s indigenous oil exploration sector, boasting a daily production rate that surpasses 90,000 barrels. The company actively seeks new opportunities in major basins like the Niger Delta and Benue Trough.
The launch of the Nembe Crude Oil Grade, facilitated by Aiteo’s joint venture with NNPC, promises to augment Nigeria’s oil exports significantly, furthering economic progress and national development. This development is a substantial stride in the Nigerian oil industry, securing Aiteo’s position as a major player in the global oil market.
The Nembe Crude Oil Grade stands out for its superior quality and the innovative solutions that have driven its production. Thanks to the collaborative efforts of NNPC and Aiteo, Nigeria is set to solidify its stance as a competitive and influential entity in the international oil market.
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