The Presidency has revealed that Nigeria's crude oil production will increase by 30,000 bpd.
This was revealed via his of Nigeria.
The FPSO vessel, with a storage capacity of one million barrels, which will begin with initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd, is expected to depart for Nigeria in the first quarter of 2025 and start production at Okwok Oil. Field in the first half of 2025.
Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the commissioning and naming ceremony of the vessel, described the facility as more than just a maritime infrastructure project, saying it is an indicator of the success of the president's reforms Tinubu in the sector. such as Nigeria's growing global influence.
Speaking on Saturday while commissioning the oil facility at the Drydocks World Dubai shipyard in Dubai, United Arab Emirates, Shettima noted that what sets Nigerians apart is not simply the audacity of their ambition, but their unique understanding of where it is going. the world.
READ ALSO: Oil company inaugurates Okwok field FPSO in Dubai
Shettima, in a statement by its spokesperson, Stanley Nkwocha, said: “This FPSO vessel is more than just a technological achievement; It is a symbol of Nigeria's ambition and our readiness to meet global energy demands. Under the leadership of President Tinubu, we are witnessing the transformation of the oil and gas sector, which is critical to our economic revitalization efforts.”
According to him, the vessel is a critical link in Nigeria's ambition to optimize productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.
The Vice President commended Alhaji Muhammadu Indimi, Executive Chairman of Oriental Energy Resources Limited, for his notable contributions to the industry.
He stated: “Over the decades, Alhaji Muhammadu Indimi has remained a model businessman and symbol of excellence in the oil and gas industry. It is therefore no surprise that his vision has transformed Oriental Energy Resources Limited into a global phenomenon.
“This result shows what is possible when ambition is accompanied by perseverance and experience. “His journey reminds us that Nigeria is a land of opportunity and, with dedication, there is no limit to what we can achieve.”
Shettima explained that as Nigeria's local refineries come to life, vessels like this will be instrumental in maximizing the country's production capacity and driving economic growth.
He said: “Just about two weeks ago, His Excellency, President Bola Ahmed Tinubu, was in Paris where he oversaw the expansion of one of Nigeria's indigenous banks into that sphere of the European financial market. “That historic moment reflected our collective aspiration as a nation.”
Shettima further noted that the UAE demonstrates what can be achieved when natural resources are harnessed effectively, just as he reaffirmed the Nigerian government's support for transformative initiatives “that align with Nigeria's vision of expanding exploration, the storage and refining of hydrocarbons.
“This FPSO vessel symbolizes a future where Nigerian ingenuity meets global standards, and we will be here every step of the way to ensure its usefulness and success,” he added.
For his part, the Governor of Borno State, Babagana Zulum, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria, saying that his investment will stimulate economic growth and create employment opportunities for many Nigerians, as well as ensuring economic growth and constant development of the nation. economy.
Zulum said: “Today is one of the happiest moments to be in front of this meeting. I make this brief comment because Alhaji Ndimi is from Borno State and I am happy to know that the production of this vessel was born 100 percent from his own company, which has never happened in Nigeria. This shows how committed Alhaji Mohammed Ndimi is to the growth and development of not only Borno State but the entire country.”
Furthermore, Nasarawa State Governor Abdullahi Sule praised Oriental Energy Chairman Alhaji Indimi and his technical partners, noting that to truly appreciate the oil tycoon, it would be better to know that he was not the only person who was assigned an oil block to it in the 90s.
“There were so many of them. But from what we are witnessing today, he will become someone who believes in Nigeria, who believes in investing in Nigeria, who believes in the Nigerian government, who appreciates Nigeria. And that is why it is investing in this baby here that is going to store a million barrels of crude oil,” he said.
Earlier, the Chairman and CEO of Oriental Energy Resources Ltd, Alhaji Indimi, disclosed that the facility is the first FPSO fully financed by an indigenous Nigerian company.
The vessel named ENEM FPSO, the President added, has heralded an effort by an indigenous Nigerian oil and gas company to independently develop a marginal field, noting that it is a major milestone for Nigeria and its indigenous oil and gas sector. .
He said: “When operating at full capacity, we expect the Okwok oil field to produce up to 30,000 barrels of oil per day, significantly improving Nigeria's oil production and contributing to the government's ambition to increase oil revenues to fund the development of Nigeria.
“The Okwok field is just one step towards our long-term ambition of producing 100,000 barrels of oil per day in Nigeria. We have a strong set of proven assets and a development pipeline that can achieve this.
“I want to take this opportunity to thank the Nigerian government; His Excellency President Bola Ahmed Tinubu; His Excellency Vice President Kashim Shettima, and the dedicated officers and officials of the Ministry of Petroleum Resources, NURPC and other agencies who have provided the enabling environment for this investment.”
In his remarks, Drydocks Dubai CEO Captain Dr Antolovic Rado assured that the vessel, when fully operational, will contribute significantly to the sustainable development of the Okwok oilfield region and support economic growth and security. energy.
He noted that the success achieved by Oriental Energy's huge investment in the oil sector has set a benchmark for operational excellence and security of Oriental Energy Resources Limited and other partners.
READ ALSO TOP STORIES OF Newslodge