The Nigerian National Petroleum Company Limited (NNPCL) yesterday said it had launched a new grade of crude called Nembe, according to Reuters.
It added that it aims to ramp up crude production.
An NNPCL source told Reuters on the sidelines of the Argus European Crude conference in London that 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.
He added that now, Nigeria has managed to resurrect Nembe as a separate grade.
Another NNPCL source, according to Reuters, said: “The first cargoes of Nembe were sold in October, consisting of two 950,000 barrel shipments sold to France and the Netherlands.
“The first Nembe cargo was sold to UAE-based trading firm Gulf Transport & Trading, which loaded the cargo onto the Suezmax tanker Maran Orpheus for a voyage to an unknown end buyer in Fos, France.
“Nembe is similar to Nigeria’s other distillate-rich grades such as Forcados, Bonga and Egina.
“The low-sulphur grade commands a premium to the global Brent benchmark and is a good candidate to compete with Brazilian and Azeri crude grades for European refiners.
Production of Nembe is currently around 50,000 barrels per day, but the NNPC is aiming for a rise to 80,000 by the first quarter of next year and 150,000 barrels per day by the start of 2025,” another source familiar with the matter told Reuters.
