Nigeria's crude oil production is projected to increase by 30,000 barrels per day (bpd) following the commissioning of Oriental Energy Resources Limited's $315 million Floating Production, Storage, and Offloading (FPSO) vessel by Vice President Kashim Shettima.
This new FPSO, possessing a one-million-barrel storage capacity, will commence operations at 17,000 bpd, subsequently scaling to 30,000 bpd. The vessel's deployment to Nigeria is planned for the first quarter of 2025, with anticipated production commencing at the Okwok Oil Field during the first half of that year.
Concurrently, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has broadened its stakeholder engagement program promoting efficient petroleum product utilization to Taraba State, where significant interest in Compressed Natural Gas (CNG) as an alternative fuel source has been observed among drivers and transport operators.
At the vessel's inauguration and naming ceremony held at the Drydocks World Dubai Shipyard in the United Arab Emirates, Vice President Shettima, representing President Bola Tinubu, stated that the facility represents more than just a maritime infrastructure project; it symbolizes the success of President Tinubu's oil and gas sector reforms and underscores Nigeria's growing global prominence.
According to a statement from Media Assistant Stanley Nkwocha, Mr. Shettima emphasized that the FPSO vessel signifies a significant technological achievement and underscores Nigeria's commitment to meeting global energy demands. He stated, “Under President Tinubu's leadership, we are experiencing a transformation of the oil and gas sector, crucial to our national economic recovery.”
The Vice President commended Muhammadu Indimi, the Executive Chairman of Oriental Energy Resources Limited, for his remarkable impact on the oil and gas industry.
"Over the years, Alhaji Muhammadu Indimi has demonstrated the traits of an exceptional entrepreneur and a guiding light in the sector. It is evident that his forward-thinking leadership has elevated Oriental Energy Resources Limited to a position of global prominence.
"This accomplishment highlights the possibilities that emerge when ambition is matched with perseverance and expertise. His path serves as a reminder of Nigeria's abundant opportunities, illustrating that with dedication, there are no limits to what we can achieve."
Expressing his enthusiasm for the project, Borno State Governor, Prof. Babagana Zulum, remarked, "Today stands as one of my most joyful occasions to address this assembly. I will keep my comments brief, as Alhaji Ndimi hails from Borno State, and I am pleased to highlight that the production of this vessel was entirely realized by his company, a first for Nigeria. This clearly demonstrates Alhaji Muhammadu Ndimi's dedication to the advancement of not just Borno State, but the entire nation."
Nasarawa State Governor, Abdullahi Sule, also commended Indimi and his technical partners, emphasizing that to fully appreciate the oil magnate's impact, it is essential to recognize that he was not the sole recipient of an oil block in the 1990s.
Earlier, while welcoming the Vice President and his team to the event, Indimi disclosed that this facility is the first Floating Production Storage and Offloading (FPSO) unit to be completely financed by a Nigerian indigenous company. He noted that the vessel, named ENEM FPSO, marks a significant step for a local Nigerian oil and gas firm to independently develop a marginal field, highlighting its importance as a milestone for Nigeria and its indigenous oil and gas industry.
When operating at full capacity, the Okwok Oil Field is projected to yield up to 30,000 barrels of oil daily, which will significantly boost Nigeria’s oil output and aid the government in its goal to enhance oil revenue for national development.
The Okwok field represents a crucial step towards our long-term objective of achieving a production level of 100,000 barrels of oil per day in Nigeria. We possess a robust portfolio of proven assets and a development pipeline capable of realizing this target.
Dr. Antolovic Rado, the Chief Executive Officer of Drydocks Dubai, emphasized that the vessel, once fully operational, will play a vital role in the sustainable development of the Okwok oil field area, fostering economic growth and enhancing energy security.
Mr. Hassan Basma, a representative from HBA & World Carriers Corporation, highlighted the significance of the EMEM vessel, noting its unique features and its status as the first indigenous-owned project in Nigeria, fully financed within the country and primarily executed by a Nigerian workforce.
In addition, NNPC Limited has extended its ongoing stakeholder sensitization initiative to Taraba State, where drivers and park operators expressed considerable interest in compressed natural gas (CNG).
Similar to the previous sensitization event in Maiduguri, Borno State, several fortunate participants received gift items and freebies through raffle draws held at various motor parks.
This sensitization effort is part of NNPC’s strategy to enhance awareness and understanding of the oil and gas sector's contribution to national development while educating stakeholders on the efficient use of petroleum products.
Labeled as NNPC & You, the campaign commenced successfully at the Taraba State Transport Company (TSTC) Park in Jalingo, where commercial vehicle drivers and park operators praised the state-owned company for introducing CNG as a viable alternative to petrol.
TSTC Park Manager Abdullahi Musa praised the company for its CNG initiative but urged that the product be made accessible to motorists in the state. He also requested NNPC Ltd. to extend the operating hours of its retail outlets to enhance service delivery and reduce waiting times.
At the Jalingo main motor park, Danjuma Hayatu called on NNPC to strictly implement existing regulations prohibiting the sale of petrol in kegs and jerry cans. He pointed out that while it is not possible to purchase fuel in containers at NNPC Retail stations, there are still individuals engaged in selling fuel on the streets of Jalingo.
Meanwhile, at the Pullo Motor Park, Ali Salandy Wukari echoed the demand for the availability of CNG and proposed that NNPC Ltd. explore a hire purchase scheme to enable drivers and vehicle operators to acquire CNG-powered vehicles affordably.
Following this, the NNPC team visited two other significant parks in Taraba, namely The People Choice and NARTO Park, where stakeholders stressed the necessity for the state-owned company to continue its sensitization efforts as an ongoing initiative rather than a one-off event.