ABUJA, Nigeria (VOICE OF NAIJA)- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful shipment of the first cargo of the newly introduced Obodo crude blend.
In a statement issued on Tuesday, NUPRC Chief Executive, Gbenga Komolafe, congratulated Conoil Producing Limited on achieving the milestone.
Komolafe described the development as a notable advancement in Nigeria’s upstream oil sector, showcasing the expanding role of indigenous companies in boosting the country’s crude oil production and export capacity.
He said, “The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation.”
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Komolafe highlighted that the shipment, carried out under the production sharing contract with the Nigerian National Petroleum Company Limited, also underscores the impact of effective regulatory collaboration in empowering local industry players.
He added, “As the regulator of Nigeria’s upstream petroleum industry, the NUPRC remains committed to providing a transparent, predictable, and investment-friendly environment that encourages the development of new crude streams and ensures optimal value for the Nigerian people.
“We look forward to more milestones of this nature that advance national energy security and economic resilience.”
The medium sweet Obodo crude, which entered the market in April, has a gravity of 27.65° API and a sulphur content of 0.05pc, according to an assay reviewed by Argus Media.
The grade is expected to be priced similarly to Nigeria’s Bonga crude.