Nigeria to start exporting new Cawthorne crude grade
Nigeria is preparing to export a new light, sweet crude grade called Cawthorne as part of efforts to boost oil production. The Nigerian National Petroleum Company Limited confirmed the development, aiming to strengthen the country's position within OPEC. Cawthorne crude is similar to the popular Bonny Light and is expected to help diversify Nigeria’s export streams. The move comes as the country intensifies reforms in the oil and gas sector under President Bola Tinubu.
TLDR
- The Nigerian National Petroleum Company Limited plans to export the new Cawthorne crude grade soon.
- Cawthorne crude has an API gravity of 36.4 and is similar in quality to Bonny Light.
- The crude will be exported through the Floating Storage and Offloading vessel Cawthorne, which can store about 2.2 million barrels.
- Nigeria’s oil output has recently improved due to increased security and upstream activity.
- The introduction of Cawthorne is part of broader efforts to diversify Nigeria’s crude exports and attract more buyers.
