The Nigerian National Petroleum Company (NNPC) Limited, has unveiled a new grade of crude called Nembe, and particularly suited to the European market.
This is in line with the company’s resolve to extend the reach of its demographics in 2023.
The Company also reassured of the Nigeria’s determination to ramp up crude production before this year runs out.
The country has long dealt with output declines due to crude theft, attacks on pipelines in the Niger Delta and a lack of investment, causing a dwindling of government revenue and large fiscal deficits. But output has picked up in recent months.
Nembe production was formerly added to the Bonny Light stream more than three years ago, until instances of sabotage on the Nembe Creek Trunk Line (NCTL) hamstrung output, an NNPCL source told Reuters on the sidelines of the Argus European Crude conference in London.
Now, the country has managed to resurrect Nembe as a separate grade, he added.
The first cargoes of Nembe were sold in October. These consist of two 950,000 barrel shipments sold to France and the Netherlands, a second NNPCL source told Reuters.