A new Nigerian crude grade, medium sweet Obodo, will hit the market in April, according to sources familiar with the matter, as the west African country steadily adds to its crude offering, Argus Media, which provides business intelligence, market data, and price assessments for global industries.
Obodo has a gravity of 27.65°API and a sulphur content of 0.05pc, according to an assay seen by the company.
A source said the grade is likely to be priced in line with Nigerian medium sweet Bonga. Details on production levels were not immediately available, the report said.
Nigerian independent Continental Oil & Gas will produce Obodo from onshore oil block OML 150 in the Niger delta region, and state-owned NNPC will market the crude, according to two sources.
NUPRC data shows Continental Oil has a stake in OML 150 under a production sharing contract — typically between the government and a private company.
The newest Nigerian crude will add to a growing supply of medium sweet grades in the country. NNPC restarted production of similar-quality Utapate in 2024, which followed the launch of Nembe in 2023.
