-- The Nigerian National Petroleum Company said Wednesday that it has started exports of a new crude grade, Cawthorne.
Cawthorne, the latest addition to Nigeria's crude slate, has an API gravity of 36.4, classifying it as a light, sweet grade comparable with Bonny Light grade, which has an API gravity value of 34.9, according to data from TotalEnergies (TTE).
NNPC said the first shipment of the new grade was loaded on Apr. 5 onto the MT Eburones for delivery to the Netherlands and onward distribution to international markets. The maiden cargo of 950,000 barrels was exported via the Cawthorne floating storage and offloading vessel, located offshore Bonny in Rivers State. The facility is designed to improve crude evacuation from Oil Mining Lease 18.
The company said the introduction of the Cawthorne grade aligns with a federal target to increase crude production to three million barrels per day and gas output to 12 billion cubic feet per day by 2030.
The new grade follows recent additions such as Nembe and Utapate crude grades.
Price: $89.70, Change: $-1.67, Percent Change: -1.83%