Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria’s oil production capacity.
The vessel, with a storage capacity of one million barrels, which will kick off with an 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 commence production at the Okwok Oil Field in the first half of 2025.
Vice President Kashim Shettima, who represented President Bola Tinubu at the inauguration ceremony of the vessel, described the facility as more than just a maritime infrastructure project.
He said it is a pointer to the success of President Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.
Speaking on Saturday while inaugurating the oil facility at the Drydocks World Shipyard in Dubai, the United Arab Emirates, 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.
“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 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 lauded 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.”
Production Capacity
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.
“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,” he noted.
He further pointed out that the UAE demonstrates what can be achieved when natural resources are 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 symbolises 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.
While welcoming the Vice President and his entourage at the event, Chairman/CEO of Oriental Energy Resources Ltd, Indimi, revealed that the facility is the first FPSO to be fully funded by a Nigerian indigenous company.
The vessel named ENEM FPSO, the chairman added, has heralded an effort for an indigenous Nigerian oil and gas company to independently develop a marginal field, stressing that it is an important milestone for Nigeria and its indigenous oil and gas sector.
