Energy Oil

Nigeria’s new crude blend, Obodo, enters market

Photo caption: Chief Executive Officer, NUPRC, Gbenga Komolafe

 

The Nigerian Upstream Petroleum Regulatory Commission says the first cargo of the new Obodo crude blend has been shipped.

In a statement by the NUPRC Chief Executive, Gbenga Komolafe, on Tuesday, he congratulated Conoil Producing Limited on the successful shipment of the first cargo of the Obodo crude blend.

Komolafe said this development marks a significant milestone for Nigeria’s upstream sector, demonstrating the growing capacity of indigenous operators to contribute meaningfully to national crude oil production and exports.

“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” he said.

Komolafe maintained that this achievement by Conoil, under the production sharing contract framework with the Nigerian National Petroleum Company Limited, also reflects the positive outcomes of collaborative regulatory support, enabling indigenous players to thrive.

“As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.

“We look forward to more milestones of this nature that advance national energy security and economic resilience,” he said.

The PUNCH reported earlier that the medium sweet Obodo would enter the market in April. An assay reviewed by Argus Media indicated that Obodo has a gravity of 27.65°API and a sulphur content of 0.05pc. It was said that the grade is likely to be priced in line with Nigerian medium sweet Bonga.

 

 

 

 

 

Related posts

Oil prices nudge higher ahead of OPEC+ meeting

Editor

Eni reducing personnel at Iraq’s Zubair field as precautionary move

Editor

Nigeria lost an estimated N192.22bn gas in 2020 — NNPC 

Our Reporter

Dutch TV Documentary: Our staff are not involved in pipeline vandalism- Shell

Our Reporter

EKEDC attributes power outage to system collapse from national grid

Editor

NNPC, TotalEnergies sign MoU on adoption of methane detection technology

Editor