London, UK - The NNPC/Aiteo Joint Venture has made a significant stride in the international crude oil market with the launch of the Nembe Crude Oil Grade. This new addition to the market was announced at the ongoing Argus European Crude Conference in London. The Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML)29 Joint Venture (JV), marks a pivotal moment for the Nigerian oil industry.
Aiteo Eastern Exploration & Production Ltd, the operator of OML29, an onshore asset in Nigeria, has emerged as Africa’s leading indigenous hydrocarbon producer following its acquisition from Shell in2014. The introduction of the Nembe Crude Oil Grade signifies a strategic move for the company and the NNPC/Aiteo Joint Venture.
Previously, the Nembe Crude was blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal. However, the launch of the Nembe Crude Oil Grade as a standalone product represents a significant development in the industry. The unique selling point of the Nembe Crude Oil grade, with its API gravity, was highlighted during the announcement, showcasing its distinct qualities and potential in the global market.
In line with this launch, the export of two950,000 barrels cargoes of the Nembe Crude Oil Grade has commenced, further solidifying its entry into the international market. This move is expected to have a notable impact on Nigeria's oil export profile and contribute to the country's position in the global energy landscape.
The introduction of the Nembe Crude Oil Grade underscores the NNPC/Aiteo Joint Venture's commitment to innovation and diversification in the oil and gas sector. With this development, Aiteo continues to play a pivotal role in shaping the future of Nigeria's oil industry and making significant contributions to the global energy market.
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