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Nigeria’s newest crude grade set for Europe

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Nigeria’s newest crude grade called Anyala will soon arrive in Europe as the first export cargo of the crude is on its way to Northwest Europe.

Coming less than three months after the announcement of the commencement of oil production from the Anyala West field in Oil Mining Leases 83 and 85, the development was revealed by trading and shipping sources on Monday.

OMLs 83 and 85 are in the shallow waters offshore Bayelsa State where FIRST E&P is the operator of the two blocks, on behalf of the Nigerian National Petroleum Corporation/FIRST E&P Joint Venture.

The international oil benchmark, Brent crude, fell by $0.35 to $54.75 per barrel as of 8:15 pm Nigerian time on Monday.

According to the data intelligence firm, Kpler, the Aframax Minerva Clara loaded a 700,000-barrel stem of Anyala crude from the Abigail-Joseph floating production, storage and offloading vessel on January 10, and the tanker is on its way to the Fos-sur-Mer terminal, located at France’s Mediterranean port of Marseille.

S&P Global Platts quoted sources as saying on Monday that a trading house, Vitol, had chartered this tanker, as it has a stake in indigenous producer FIRST E&P.

One market source said the cargo was likely to travel from Fos-sur-Mer to the Cressier refinery in Switzerland through the SPSE pipeline.

The 68,000 bpd Cressier is operated by Varo Energy.

Varo Energy is a joint venture between Vitol, private equity fund the Carlyle Group, and private investment fund Reggeborgh.

The second cargo would load in March, with some Asian refiners already showing buying interest, sources disclosed.

Anyala has been labelled a medium sweet crude grade, similar in quality to Nigeria’s flagship crude Bonny Light, sources added.

When refined, Anyala will produce a high yield of middle distillates, making it attractive to both simple and complex refineries.

The new crude is from Nigeria’s shallow-water Anyala West oil fields in the Niger Delta, which struck first oil in November.

The fields in blocks OMLs 83 and 85 are expected to reach 60,000 bpd when fully developed, according to FIRST E&P.

Anyala is the country’s newest oil development since the start-up of the giant Egina field in late-2018.

Seven development wells have been planned in Phase 1 in the Anyala West field (OML 83), which will be developed along with the nearby Madu field in (OML 85). The project is estimated to contain 300 million barrels of crude oil recoverable reserves.

The final investment decision on the project was made in July 2018, while first oil was initially expected in 2019.

 

Source PUNCH
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