The Nigerian National Petroleum Company Limited (NNPCL) has started exporting crude oil to Europe, marking a major milestone for the country’s energy sector.
According to shipping data from TradeWinds, the first shipment is scheduled to leave Nigeria on April 9 or 10 aboard the Greek-owned tanker Meltemi I, which is chartered by NNPCL’s shipping arm.
Panos Gliatis, Managing Director of NNPCL Shipping, said the deal was sealed in March and involves selling crude to one of the world’s major oil companies. The shipment is being made on an “ex-ship” basis, meaning NNPCL will handle both the shipping and insurance until the cargo reaches its destination.
“This is a big achievement for NNPCL and Nigeria. In the past, most sales were done on a free-on-board basis, where buyers arranged their own shipping,” Gliatis said.
The tanker has several port options in Europe where it can discharge the crude.
This crude oil deal follows a similar move by NNPCL in 2023 when it began exporting Liquefied Natural Gas (LNG) on the same terms. Last year, LNG shipments were sent to Japan and China using modern gas carriers, including the newly built Grazyna Gesicka.
NNPCL has been trading LNG since 2021 and continues to expand its global reach. The company is also partnering with Sweden’s Stena Bulk and Nigeria’s Caverton Marine to create a joint venture that will own and operate a fleet of oil and gas tankers for the West African market. The plan includes using both new and existing vessels, depending on market demand.