Nigeria Exports First Cargo of New Obodo Crude Blend

Nigeria has exported its first shipment of the newly developed Obodo crude blend a major achievement for the country’s upstream oil sector and signaling growing confidence in local energy producers.

In an announcement on Tuesday, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the historic shipment, hailing it as a milestone for both Conoil Producing Limited an indigenous oil company and the broader Nigerian petroleum industry.

Gbenga Komolafe, Chief Executive of the NUPRC, praised Conoil for the accomplishment, which was carried out under a production sharing contract with the Nigerian National Petroleum Company Limited (NNPC Ltd). He termed the development as a testament to the increasing capability of Nigerian firms to contribute to crude oil production and exports.

“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” Komolafe said.

Obodo is classified as a medium sweet crude with an API gravity of 27.65° and a low sulphur content of 0.05%. Industry analysts expect it to be priced similarly to the existing Bonga crude grade. The first market appearance of the blend had been anticipated since April, according to energy reports.

The regulator emphasized that the progress reflects the impact of supportive oversight and policy frameworks that empower local operators. Komolafe reaffirmed the Commission’s dedication to creating a stable and investor-friendly environment that fosters the emergence of new crude streams.

“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,” he added.

The Obodo crude blend is seen as a valuable addition to Nigeria’s export portfolio, offering more flexibility and competitiveness in global energy markets.