In a significant milestone for Nigeria’s oil and gas industry, Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage, and Offloading (FPSO) vessel designed to boost the country’s crude oil production. The FPSO, capable of storing one million barrels, will begin operations with an initial production rate of 17,000 barrels per day (bpd), which will later increase to 30,000 bpd. The vessel is set to depart for Nigeria in the first quarter of 2025 and begin production at the Okwok Oil Field in the first half of the year.
At the commissioning and naming ceremony held at Drydocks World Dubai Shipyard in the UAE, Vice President Kashim Shettima, representing President Bola Ahmed Tinubu, described the project as a testament to the success of the government’s reforms in the sector and a reflection of Nigeria’s growing global stature.
Speaking at the event, Shettima highlighted the ambition and foresight of Nigerians, stating, “This FPSO vessel is not just a technological feat; it symbolizes Nigeria’s readiness to meet global energy demands and our aspirations to transform the oil and gas industry under President Tinubu’s leadership.”
A statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, emphasized that the vessel would play a pivotal role in Nigeria’s efforts to enhance productivity and establish itself as a key hub for hydrocarbon demand both locally and internationally.
The Vice President commended Alhaji Muhammadu Indimi, Executive Chairman of Oriental Energy Resources Limited, for his visionary contributions to the industry. “For decades, Alhaji Indimi has exemplified excellence in the oil and gas sector. His leadership has turned Oriental Energy into a global force, showcasing the power of ambition and expertise,” Shettima remarked.
He further noted that as Nigeria’s refineries become operational, infrastructure like this FPSO will be essential for maximizing production and driving economic growth.
Reflecting on Nigeria’s recent achievements, Shettima referenced President Tinubu’s role in expanding the global reach of Nigerian enterprises, such as the establishment of an indigenous bank in the European financial market, calling it a testament to the nation’s collective aspirations.
Drawing parallels with the UAE’s effective utilization of natural resources, Shettima reaffirmed the government’s commitment to transformative initiatives that align with Nigeria’s vision for expanding hydrocarbon exploration, storage, and refining.
“This FPSO vessel represents the fusion of Nigerian innovation and global standards, and the government will remain steadfast in supporting its success,” he concluded.
