NNPC-Aiteo Joint Venture Launches Nembe Crude Oil Grade

<h4>&NewLine;<p>NNPC<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><strong> reports that the NNPC&sol; Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade&comma; a new crude oil grade into the international crude oil market&period;<&sol;strong><&sol;p>&NewLine;<p><strong>The announcement of the Nembe Crude Oil Blend&comma; produced by Aiteo&comma; the Operator of the NNPC&sol;Aiteo Oil Mining Lease &lpar;OML&rpar; 29 Joint Venture &lpar;JV&rpar;&comma; was made at the ongoing Argus European Crude Conference in London&comma; on Tuesday&period;<&sol;strong><&sol;p>&NewLine;<p><strong>According to a statement signed by Olufemi O&period; Soneye&comma; Chief Corporate Communications Officer&comma; NNPC Ltd and made available to OpenLife&comma; the OML 29&comma; an asset located onshore Nigeria&comma; is operated by Aiteo Eastern Exploration &amp&semi; Production Ltd&comma; Africa’s leading indigenous hydrocarbon producer&comma; following a historic acquisition from Shell in 2014&period;<&sol;strong><&sol;p>&NewLine;<p><strong>The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil &amp&semi; Gas Terminal&period;<&sol;strong><&sol;p>&NewLine;<p><strong>The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E &amp&semi; P and NNPC Limited Leadership at the Argus Conference in London&period;<&sol;strong><&sol;p>&NewLine;<p><strong>The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination&comma; fitting perfectly into the required spec of major buyers in Europe&period;<&sol;strong><&sol;p>&NewLine;<p><strong>Two cargoes of 950&comma;000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands&period;<&sol;strong><&sol;h4>&NewLine;<p>With its attractive Assay of API 29 and low sulphur content&comma; the Nembe Crude Oil grade commands a premium to the global Brent benchmark&period;<&sol;p>&NewLine;<p>With the NNPC-Aiteo OML 29 JV back onstream&comma; Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950&comma;000 barrels each per month and 1&period;2 Bcf of export gas monthly&period;<&sol;p>&NewLine;<p>This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal&comma; the Nembe Crude Oil Export Terminal &lpar;NCOET&rpar;&comma; which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">The terminal was conceived as a Floating Storage and Offloading Vessel &lpar;FSO&rpar; with a storage capacity of two &lpar;2&rpar; Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers &lpar;VLCC&rpar;&period;<&sol;a><&sol;p>&NewLine;<p>It has a loading capacity of 25&comma;000 barrels per hour and will be exporting over 3&period;6 million barrels of Crude oil monthly at full scale of operation&period;<&sol;p>&NewLine;<p>Currently&comma; hydrocarbon production from OML 29&comma; which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line &lpar;NCTL&rpar; corridor&comma; has now been debottlenecked through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution&period;<&sol;p>&NewLine;<p>The Argus European Crude Conference 2023 in London is a gathering of energy majors&comma; refiners&comma; NOCs&comma; traders&comma; financial institutions&comma; and other representatives from across the global oil markets&period; The event also provides a critical opportunity for business leaders to connect&comma; discuss&comma; share and learn from one another&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;22965" aria-describedby&equals;"caption-attachment-22965" style&equals;"width&colon; 300px" class&equals;"wp-caption alignnone"><img class&equals;"size-medium wp-image-22965" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2023&sol;11&sol;Aiteo-300x276&period;jpeg" alt&equals;" NNPC-Aiteo Joint Venture Launches Nembe Crude Oil Grade" width&equals;"300" height&equals;"276" &sol;><figcaption id&equals;"caption-attachment-22965" class&equals;"wp-caption-text"><em><strong>Nembe Crude Oil grade&comma; produce by aiteo&comma; has a low sulphur content and low carbon footprint<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;