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Extra cargo boosts new Nigeria field

9 Mar 2012, 1.11 pm GMT

Extra cargo boosts new Nigeria field

London, 9 March (Argus) — April loading of the new offshore Nigeria medium sweet Usan grade has been boosted by an extra cargo, taking the amount for April export to 127,000 b/d in four cargoes.

Loading dates for April have also been revised. The first cargo is loading between 1-7 April, which Total has sold to Cepsa of Spain, the 8-9 April cargo is with ExxonMobil, the 17-18 April cargo is with Glencore and the 26-27 April cargo is with Vitol. ExxonMobil had put its cargo up for tender, but bids were too low for the major's liking, and it is now offering the cargo on the spot market. Glencore's cargo is already committed, while Vitol is making its cargo available on the spot market.

The grade is trading at a price just below Atlantic basin benchmark North Sea Dated, although offers have been seen as high as 30¢ above the benchmark. Usan is API 30.1°, 0.26pc sulphur and is higher in acidity than most Nigerian grades, with a Tan value of 1.47. It has a high yield of gasoil as well as good properties of naphtha and kerosine. Joint operators Total, Chevron, ExxonMobil, and Canadian independent Nexen aim to push maximum production to 180,000 b/d at the deepwater field. The field infrastructure has a storage capacity of 2mn bl and uses a floating, production and storage and offloading vessel.

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