ABUJA, June 26 – Nigeria’s state oil company, NNPC, has opened a tender for buyers interested in its new Cawthorne crude grade as it continues to expand the country’s range of exportable oil blends.
According to a tender document seen by Reuters, NNPC is offering 950,000 barrels of the light sweet crude for loading between July 10 and 11 on a free on board basis.
NNPC spokesperson Andy Odeh said the sale is part of a trial marketing process being carried out by NNPC Trading Limited (NTL) to determine market pricing for the new crude grade.
“The NTL is running a trial marketing process with the aim of price discovery for Cawthorne crude,” Odeh said.
Cawthorne crude was introduced to the export market in March. Data from Kpler shows that exports averaged about 42,000 barrels per day in both April and May.
The new grade is part of NNPC’s broader efforts to increase crude production and widen Nigeria’s export offerings as the country looks to recover output after years of underinvestment, oil theft and operational disruptions. It follows the recent launch of other export grades, including Nembe and Utapate.
At the same time, Nigeria is entering a more competitive market. West African crude prices have come under pressure as more supplies return to the market following the increase in oil flows through the Strait of Hormuz.
