The Nigerian National Petroleum Company Limited (NNPCL) announced on Tuesday the launch of a new crude oil grade known as ‘Nembe’. In October, the company successfully shipped its inaugural cargo of Nembe, which comprised two shipments, each containing 950,000 barrels.
During the Argus European Crude conference in London, Maryamu Idris, the Executive Director of Crude and Condensate at NNPC Trading, revealed that the first cargoes of this new grade were sold to France and the Netherlands. Nembe, characterized by its distillate-rich properties, aligns with other well-known Nigerian crude grades such as Forcados, Bonga, and Egina.
One noteworthy aspect of Nembe is its low sulfur content, which grants it a premium status compared to the global Brent benchmark. This places it in a favorable position to compete with other crude grades from countries like Brazil and Azerbaijan, making it a sought-after choice for European refiners.
At present, the daily production of Nembe stands at approximately 50,000 barrels. However, NNPCL has ambitious plans for the future. They aim to increase production to 80,000 barrels per day by the first quarter of the following year and further escalate it to 150,000 barrels per day as of the beginning of 2025. These developments in Nigeria’s crude oil sector mark a significant step in the country’s energy production and export capabilities.
