Nigeria Launches New Crude Oil Grade To Boost Exports

Nigeria’s state-run NNPC has officially launched a new grade of crude oil, Nembe, in an attempt to undo the damage from long-running thefts and attacks in the country’s Niger Delta region. The new Nembe grade is expected to add 1.9 million barrels of crude oil exports to Nigeria’s portfolio monthly, according to an NNPC press release, with first cargoes already sold in October for export to Western Europe.

In previous years, Nembe went through the Nembe Creek Trunk Line along with Nigeria’s Bonny Light grade, but attacks on pipelines in the Niger Delta sidelined production. The announcement of the new crude oil grade coincides with the start of operations of Nigeria’s new Nembe Crude Oil Export Terminal NCOET, a floating storage and offloading vessel with a storage capacity of 2 million barrels. With a loading capacity of 25,000 barrels per hour, the new terminal will be exporting over 3.

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