In what seems like a significant success for President Bola Ahmed Tinubu’s oil sector reforms, Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading -FPSO vessel which is expected to increase Nigeria’s oil production capacity.
The FPSO vessel, with a storage capacity of one million barrels, which will commence an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd, the vessel is expected to depart for Nigeria in the first quarter of 2025 and start production at the Okwok Oil Field.
Vice President Kashim Shettima said this when he represented President Bola Ahmed Tinubu at the commissioning of the vessel in the United Arab Emirates.
He described the facility as more than just a maritime infrastructure project, but an indication to the success of President Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.
VP Shettima pointed out that what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed.
According to him, the vessel is a critical link in Nigeria’s ambition to optimise productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.
The Vice President commended Alhaji Muhammadu Indimi, the Executive Chairman of Oriental Energy Resources Limited, for his remarkable contributions to the industry.
VP Shettima further explained that as Nigeria’s home-based refineries come alive, vessels like this will be instrumental in maximising the nation’s production capacity and driving economic growth.
Senator Kashim Shettima was at the the Drydocks World Dubai Shipyard, he said the UAE demonstrates what can be achieved when natural resources are leveraged effectively.
Governor of Borno state Prof. Babagana Umara Zulum, also commended the investment project, which will stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation’s economy.
Also, Nasarawa State Governor, Abdullahi Sule, also acknowledged the commitment of the investors commitment to adding value and contribution to economic growth.
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