The Digest:
The Nigerian National Petroleum Company (NNPC) Limited will commence exportation of Cawthorne, a new light, sweet crude grade, from the end of March, spokesperson Andy Odeh has confirmed. According to Reuters, the new grade has an API gravity of 36.4, placing it in a similar quality range as Bonny Light, Nigeria's premium crude known for high gasoline and diesel yields. NNPC issued a tender last week for cargoes scheduled for March 24-25. Analysts at Kpler noted the crude will be exported via a floating storage and offloading vessel (FSO) named Cawthorne, with a storage capacity of 2.2 million barrels per day. Based on this capacity, Cawthorne could raise Nigeria's crude and condensate output from about 1.65 million bpd to about 1.7 million bpd for the rest of the year. Nigeria has launched other grades in recent years, including Obodo (2025) and Utapate (2024). Oil output rose to 1.45 million bpd in January, excluding condensates.
Key Points:
- The new grade expands Nigeria's crude export portfolio and market reach.
- Increased output (potential +50,000 bpd) boosts government revenue and forex earnings.
- Nigeria gains additional export capacity, while global buyers access new light sweet crude.
- This signals ongoing efforts to maximise production and diversify crude offerings.
- The timing, with March export start, capitalises on market demand.
Sources: TheCable, Reuters, Kpler
