Nigeria is set to boost its daily crude oil production by 30,000 barrels as Vice President Kashim Shettima recently unveiled Oriental Energy Resources Limited’s $315 million Floating Production, Storage, and Offloading (FPSO) vessel. This groundbreaking project marks a significant milestone for Nigeria’s oil and gas industry.
The FPSO vessel, designed with a storage capacity of one million barrels, will initially produce 17,000 barrels daily, eventually scaling up to 30,000 barrels per day. The vessel is expected to arrive in Nigeria in early 2025, with operations scheduled to commence in the Okwok Oil Field by mid-year.
Vice President Shettima, representing President Bola Ahmed Tinubu at the commissioning event in Dubai, highlighted the project as a reflection of Nigeria’s progress and ambition in the energy sector. He emphasized that this achievement aligns with President Tinubu’s broader reforms aimed at revitalizing the oil and gas industry.
Speaking at the Drydocks World Shipyard in Dubai, Shettima described the vessel as more than a technical marvel, calling it a symbol of Nigeria’s readiness to meet global energy demands. “This FPSO vessel underscores our commitment to driving economic growth through innovation and strategic investments in energy production,” he said.
A Game-Changer for Nigeria’s Energy Landscape
Oriental Energy’s Executive Chairman, Alhaji Muhammadu Indimi, was praised for his vision and dedication to advancing Nigeria’s oil sector. Shettima noted that Indimi’s leadership has elevated Oriental Energy to global recognition, showcasing the potential of Nigerian ingenuity.
Indimi revealed that the ENEM FPSO is the first of its kind to be fully funded by a Nigerian company. This milestone demonstrates the capacity of indigenous firms to lead large-scale projects, strengthening Nigeria’s position in the global oil market.
“When fully operational, this facility will add up to 30,000 barrels daily, significantly enhancing the nation’s oil output. Our long-term goal is to achieve 100,000 barrels per day, supported by a strong portfolio of assets and ongoing development,” Indimi stated.
National and Global Impact
The FPSO vessel will play a crucial role as Nigeria ramps up domestic refining and production capacities. Vice President Shettima reiterated the government’s commitment to supporting projects that align with national goals for energy security and economic growth.
Borno State Governor, Prof. Babagana Umara Zulum, expressed pride in Indimi’s contributions, emphasizing that the project underscores the potential for Nigerian-led initiatives to drive progress. “This achievement is a testament to the resilience and determination of our people to build a prosperous future,” Zulum said.
Driving Future Growth
The CEO of Drydocks Dubai, Capt. Dr. Antolovic Rado, also commended the initiative, describing it as a benchmark for operational excellence. He noted that Oriental Energy’s investment would boost economic development and ensure energy security in the region.
This FPSO project not only highlights Nigeria’s potential as an energy powerhouse but also sets a precedent for future developments led by indigenous companies. It signals a bold step toward self-reliance and innovation in a sector crucial to the nation’s prosperity.
