Vice President Kashim Shettima, on Saturday, commissioned a $315m Floating Production, Storage and Offloading (FPSO) built in Dubai by privately-held Nigeria-owned oil company, Oriental Energy Resources Limited.
According to a statement by the VP’s spokesman, Stanley Nkwocha, the FPSO, which has a storage capacity of one million barrels, will kick off with an initial production of 17,000 barrels per day and later increase its production capacity to 30,000 bpd.
According to the statement, the vessel “is expected to depart for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.”
Shettima who represented President Bola Ahmed Tinubu at the commissioning ceremony of the offshore asset at the Drydocks World Dubai Shipyard in Dubai, the United Arab Emirates, said the facility is more than just a maritime infrastructure project.
He described it as a symbol of national ambition and a testament to the success of President Tinubu’s reforms in the oil sector.
While the Organisation of Petroleum Exporting Countries (OPEC) urges most of its members to cut production in order to help it control global oil prices, Nigeria has expressed commitment in increasing its oil production and has set a target of over 2 million bpd for 2025.
The vessel is scheduled to depart for Nigeria in Q1 2025 and begin production at the Okwok Oil Field in the first half of the year.
The VP was accompanied by the governor of his Borno State, Professor Babagana Zulum, and Governor Abdullahi Sule of Nasarawa State, among other public officials.
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