Nigerian oil producers are marketing their latest new crude oil grade Nembe to Asian refiners as it expects production to triple in the short to medium term, company executives said on Tuesday.

Production of Nembe crude oil is expected to grow to 120,000 to 150,000 barrels per day in the short to medium term from 50,000 bpd currently, Victor Okoronkwo, group managing director at Aiteo E&P, told the APPEC conference.

APPEC is an annual conference organized by S&P Global Commodity Insights and it serves as a focal point for the exchange of ideas and business networking in the regional and global markets.

He did not provide a timeframe for the expansion.

The new grade has been placed in several European refineries with interest from Exxon and Spanish refineries, Maryamu Idris, executive director, planning and commercial at NNPC Trading, said at the event.

“The next step is for Asia to get a taste of this grade,” she said.

Idris added that Nembe crude is also expected to be processed at the new Dangote refinery in Nigeria, Africa’s largest refining complex.

REUTERS