Conoil Begins Export of New Nigerian Crude Grade

Conoil Producing, owned by Nigerian billionaire Mike Adenuga, has launched exports of Nigeria’s latest crude oil grade, the Obodo blend, making a bold move in Africa’s energy space.

In April, under Adenuga’s leadership, the company unveiled the Obodo blend, signaling a new era in the country’s oil production. This output stems from a production sharing contract with NNPC Limited.

The Obodo blend is a medium sweet crude sourced from the onshore OML 150 block. Continental Oil & Gas Limited, an arm of Conoil Producing, oversees this block as part of its broader portfolio of six oil blocks across the Niger Delta.

Oando Trading, the trading division of the Oando Group led by CEO Wale Tinubu, became the first buyer and lifter of the Obodo blend.

Oando’s vessel, the Atlantic Spirit, executed the maiden offtake under the supervision of Century Ports and Terminals, marking Obodo crude’s international debut.

Wale Tinubu praised Conoil Producing’s achievement and congratulated Adenuga and his team for reaching this significant milestone. He added that Oando felt privileged to handle the first international export of the Obodo blend aboard the Atlantic Spirit.

Tinubu said, “Congratulations to Dr. Mike Adenuga and the Conoil team for producing Nigeria’s newest crude, OBODO. Kudos also to Century Group for making history as the country’s top indigenous FPSO operator. We are proud to have lifted the first export cargo—this is a major win for local excellence on the global stage.”

According to Billionaires.Africa, Century Ports and Terminals played a key role by managing the Tamara Tokoni FPSO, which connected Conoil’s onshore wells to Oando’s export vessel, ensuring a seamless export operation under Panama’s flag.

Since its early days in the 1990s as Consolidated Oil, Conoil Producing has embodied Adenuga’s vision of investing in Nigeria’s potential, injecting over $100 million into an industry previously dominated by foreign players.

In 1991, Adenuga’s bold investment led to the commercial discovery and production of oil in Ondo State’s shallow waters, making history for local players.

Conoil’s oil marketing division continues to grow, with revenue rising from ₦201.4 billion in 2023 to ₦323.2 billion in 2024. Profits also climbed from ₦9.9 billion to ₦11.4 billion, proving Adenuga’s legacy of growth and innovation still drives the company forward.

source:tribuneonlineng.com