NNPC to Export New Crude Oil Grade Cawthorn in March

The Nigerian National Petroleum Company Limited (NNPCL) announced that it will begin exporting a new light sweet crude oil grade named Cawthorn starting in March 2024. This initiative is part of Nigeria's broader strategy to increase oil production, which has been hampered by issues such as unrest and crude theft.

The NNPC spokesperson confirmed that the Cawthorn crude, with an API gravity of 36.4, is expected to yield high-quality gasoline and diesel, similar to Nigeria's Bonny Light. The export is scheduled for the third week of March, with tenders issued for March 24-25.

Analysts from Kpler noted that the Cawthorn grade is anticipated to float in storage before being offloaded onto vessels. This new grade aims to enhance Nigeria's crude condensate supply, which is currently around 1.65 million barrels per day, while the country is also working to meet its OPEC output quota of 1.5 million barrels per day.