The Nigerian National Petroleum Corporation Limited (NNPC Ltd) has announced the international debut of its new crude oil grade, the Utapate blend, six months after commencing production.

The move is expected to significantly bolster Nigeria’s crude oil exports, revenue generation, and economic growth.

In a statement released Wednesday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said the crude blend was unveiled at the Argus European Crude Conference in London.

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The launch follows the dispatch of the first cargo in July 2024, which delivered 950,000 barrels to Spain.

The Utapate crude oil blend, produced from the Utapate field in Oil Mining Lease (OML) 13 in Akwa Ibom State, is notable for its low sulphur content of 0.0655% and reduced carbon footprint, achieved through gas flare elimination.

These characteristics align with the preferences of European refiners, positioning the blend as an environmentally sustainable and economically attractive option.

According to NNPC E&P Limited Managing Director Nicholas Foucart, production has ramped up rapidly since operations began in May 2024.

“We have rapidly ramped up production to 40,000 barrels per day with minimal downtime,” Foucart said.

“So far, we have exported five cargoes, largely to Spain and the East Coast of the United States, while two additional cargoes are set for export in November and December 2024. This represents a significant boost to Nigeria’s crude oil export portfolio.”

Foucart added that the Utapate field is estimated to hold 330 million barrels of crude oil, 45 million barrels of condensate, and 3.5 trillion cubic feet of gas.

Production is set to increase further, with targets of 50,000 barrels per day by January 2025 and 80,000 barrels per day by the end of 2025.

“The Utapate crude oil terminal is sustainable, affordable, and fully compliant with rigorous environmental regulations and sustainability principles, particularly those aimed at reducing carbon emissions and other ecological impacts,” Foucart emphasized.

NNPC Trading Limited’s Managing Director, Lawal Sade, described the Utapate crude oil blend as a highly sought-after product in the international market.

He noted that its pricing structure mirrors that of the Amenam crude oil grade, known for its light, sweet properties, low sulphur content, and high yield of premium products.

“The Utapate blend is an excellent match for refiners globally, offering the efficiency and quality they demand,” Sade stated. “In introducing this product to the market, our aim is to optimize value for both producers and global buyers.”

The Utapate field’s development, which took place between 2013 and 2019, involved converting operations from swamp and marine-based facilities to land-based ones, enhancing operational efficiency and sustainability.

This new crude grade follows the successful introduction of the Nembe crude oil blend in 2023, underscoring NNPCL’s commitment to expanding Nigeria’s footprint in the global energy market.

Foucart highlighted the broader vision for Utapate’s growth. “Our ongoing projects aim to increase production to 60,000–65,000 barrels per day by mid-2025, ultimately reaching 80,000 barrels by the year’s end.

This expansion not only strengthens our market position but also contributes significantly to Nigeria’s economic development,” he said.

An investigation into the catastrophic fuel tanker explosion that rocked Majiya town in Jigawa State on October 14 has confirmed the loss of 209 lives, with 99 others injured.

The findings were presented by the Jigawa State Tanker Explosion Investigation Panel to Governor Umar Namadi on Wednesday in Dutse.

The panel’s report also revealed that 38 of the injured remain hospitalized, while 61 have been discharged.

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The explosion, which devastated the town, affected 167 families and caused property damage worth millions of Naira.

The panel attributed the explosion to multiple factors, including poor road conditions such as damaged speed breakers and potholes near the accident site.

Reckless driving practices, including night driving and speeding, were also cited as contributing factors.

“The inferno was possibly ignited by combined factors, including but not limited to the friction of metallic containers with a hard surface or other containers, as victims were scooping the spilt fuel,” said Hafizu Inuwa, chairman of the investigation panel.

In its findings, the panel called for urgent action to prevent similar incidents in the future.

The report recommended stricter safety protocols for petroleum transporters and articulated vehicles, alongside regular inspections of roads to address safety hazards.

It also proposed the establishment of trauma and burns units in hospitals, upgrading emergency response centers, and the creation of a road traffic control agency to monitor and enforce road safety measures.

“In cases where the victims or their relatives are elderly and vulnerable, the government should provide social protection and enroll them in the Danmodi Care Programme,” Inuwa added.

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Governor Umar Namadi commended the panel for its thorough investigation and expressed his administration’s commitment to implementing its recommendations.

“We owe it to the victims and the people of Jigawa State to ensure that such a disaster does not happen again. My administration will prioritize the welfare of the affected families and enforce stricter safety measures on our roads,” the governor assured.

Namadi also praised the resilience of the Majiya community and reiterated his government’s commitment to supporting their recovery and rebuilding efforts.

The explosion, one of the deadliest in recent history, has raised serious concerns about road safety and emergency preparedness in Jigawa State.

The government’s pledge to address these issues marks a critical step in preventing future disasters.

Nigeria’s three tiers of government – federal, state, and local councils – have collectively shared N1.141 trillion as revenue allocation for October 2024.

The announcement was made on Wednesday by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF).

According to Mokwa, the total revenue distributed in October saw a significant increase of N293.009 billion compared to the N1.043 trillion allocated in September 2024. The funds came from the N2.668 trillion gross revenue generated in October.

Breaking down the allocation, the Federal Government received N433.021 billion, state governments got N490.696 billion, and local government councils were allocated N355.621 billion. Additionally, N132.404 billion, representing 13% of mineral revenue, was distributed to oil-producing states as derivation revenue.

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The total distributable revenue of N1.141 trillion included N206.319 billion from statutory revenue, N622.312 billion from Value Added Tax (VAT), N17.111 billion from the Electronic Money Transfer Levy (EMTL), and N566.000 billion as exchange difference revenue.

“In October 2024, oil and gas royalty, excise duty, value-added tax (VAT), import duty, petroleum profit tax (PPT), and companies income tax (CIT) increased significantly, while electronic money transfer levy (EMTL) and CET levies decreased considerably,” the statement noted.

The revenue-sharing process took place during the November 2024 Federation Accounts Allocation Committee (FAAC) meeting in Bauchi State, chaired by the Accountant General of the Federation, Oluwatoyin Madein.

This increase in allocation is expected to bolster the fiscal operations of the federal, state, and local governments as they continue to manage their respective developmental agendas.