Nigeria’s Crude Production To Increase By 30,000bpd In 2025

With the launch of Nigeria’s Oriental Energy Resources $315 million Floating Production, Storage and Floating (FPSO) vessel in Dubai, United Arab Emirates (UAE), the nation’s crude production would increase by 30,000 barrels per day by the first quarter of 2025.

The FPSO vessel, with a storage capacity of one million barrels, which would kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd would be departing for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.

According to a release by a Presidential spokesman, Stanley Nkwocha, 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 was a pointer to the success of Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.

Speaking on Saturday while commissioning the oil facility at the Drydocks World Dubai Shipyard in Dubai, Shettima pointed out that what sets Nigerians apart was not merely the audacity of their ambition, but their unique understanding of where the world was headed.

“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 President Tinubu’s leadership, we are witnessing the transformation of the oil and gas sector, which is central to our economic revitalisation efforts,” the Vice President said.

According to him, the vessel was 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 lauded Alhaji Muhammadu Indimi, the Executive Chairman of Oriental Energy Resources Limited, for his remarkable contributions to the industry.

He stated: “Over the decades, Alhaji Muhammadu Indimi has stood as a model businessman and symbol of excellence in the oil and gas industry. So, it’s not surprising that his vision has transformed Oriental Energy Resources Limited into a global phenomenon.

“This outcome testifies to what is possible when ambition is matched with perseverance and expertise. His journey reminds us that Nigeria is a land of opportunity, and with dedication, there is no limit to what we can achieve.”

Shettima further explained that as Nigeria’s home-based refineries come alive, vessels like this would be instrumental in maximising the nation’s production capacity and driving economic growth.

Shettima further pointed out that the UAE demonstrated what could be achieved when natural resources were leveraged effectively, just as he reaffirmed the Nigerian government’s support for transformative initiatives “which align with Nigeria’s vision for expanding hydrocarbon exploration, storage, and refining.

“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 utility and success,” he added.

Expressing delight in the project, Borno State Governor, Prof. Babagana Umara Zulum, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria, saying his investment would stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation’s economy.