NNPC to Export New Cawthorn Crude Grade in March 2024

The Nigerian National Petroleum Company Limited (NNPC) is set to commence the export of a new light sweet crude grade known as Cawthorn in March 2024, as part of efforts to enhance oil production and consolidate recent recovery. A spokesperson for NNPC confirmed this development to Reuters, indicating that the introduction of Cawthorn is aimed at strengthening Nigeria's position within the Organization of the Petroleum Exporting Countries (OPEC) and achieving higher production targets amid improved output levels.

The first export cargo is anticipated in the third week of March, with Cawthorn crude having an API gravity of 36.4, similar to Nigeria's flagship Bonny Light grade. NNPC issued a tender for loading on March 24-25, and analysts from energy intelligence firm Kpler noted that the crude is expected to be exported from storage.

The introduction of this new grade is part of Nigeria's broader strategy to diversify its export streams and attract buyers, while also addressing challenges such as crude oil theft and pipeline vandalism. President Bola Tinubu's administration is focused on improving production and increasing investment in the oil sector.