Nigeria to start exporting new crude grade in March

Nigeria's state-owned oil company, the Nigerian National Petroleum Company (NNPC), is set to begin exporting a new light, sweet crude grade known as Cawthorne from March in a move aimed at consolidating a recent rebound in output.

The launch forms part of Abuja's broader strategy to raise production levels, which have for years been hampered by pipeline vandalism, oil theft, and insecurity. It follows the rollout of two other new crude streams, Utapate in 2024 and Obodo in 2025, as Nigeria seeks to strengthen its position within OPEC and push for a higher production quota.

According to industry sources, the first Cawthorne cargoes are scheduled for loading in the third week of March. The grade has an API gravity of 36.4, making it comparable to Nigeria's benchmark Bonny Light and attractive to refiners for its strong gasoline and diesel yields. NNPC has already issued a tender for March 24–25 loadings, traders said.

Analysts at Kpler say the crude will be exported via the floating storage and offloading (FSO) vessel Cawthorne, which has a storage capacity of about 2.2 million barrels. The facility is expected to enhance output and evacuation from Oil Mining Lease 18 and nearby fields in the eastern Niger Delta.

Kpler estimates that, depending on storage and loading capacity, the new stream could help lift Nigeria's combined crude and condensate production from around 1.65 million barrels per day to approximately 1.7 million bpd for the remainder of the year.

Nigeria's OPEC+ crude production quota stands at 1.5 million bpd. According to OPEC data, the country produced 1.48 million bpd in January.