Nigeria’s Oil Output set to rise as Shettima inaugurates $315m FPSO in Dubai
By Kunle Sanni
In a significant boost to Nigeria’s oil production, Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage, and Offloading (FPSO) vessel, expected to increase the country’s crude oil output by 30,000 barrels per day (bpd).
Vice President Kashim Shettima launched the vessel, named ENEM FPSO, at Drydocks World Dubai Shipyard in the United Arab Emirates on Saturday. The facility, with a storage capacity of one million barrels, will begin operations in Nigeria’s Okwok Oil Field in the first half of 2025. Initially producing 17,000 bpd, it is expected to ramp up to its full capacity of 30,000 bpd shortly after.
Speaking at the event, Vice President Shettima, representing President Bola Ahmed Tinubu, described the project as a testament to the success of the administration’s oil and gas sector reforms.
“This FPSO vessel is more than a technological achievement; it symbolizes Nigeria’s ambition and readiness to meet global energy demands,” Shettima said. “Under President Tinubu’s leadership, the oil and gas sector is undergoing a transformation central to our economic revitalization.”
He emphasized the vessel’s role in enabling Nigeria to optimize hydrocarbon production, positioning the country as a key hub for global energy supply.
The FPSO is the first of its kind to be fully financed by a Nigerian indigenous company. Alhaji Muhammadu Indimi, Executive Chairman of Oriental Energy Resources, highlighted the project’s significance for the country.
“When operating at full capacity, we expect the Okwok Oil Field to produce up to 30,000 barrels per day, significantly enhancing Nigeria’s oil production and contributing to the government’s ambition to increase oil revenue to fund development,” Indimi said.
He added that the Okwok field marks a step toward Oriental Energy’s long-term goal of producing 100,000 barrels of oil per day.
Borno State Governor Babagana Zulum and Nasarawa State Governor Abdullahi Sule praised Indimi’s vision and commitment to Nigeria’s development. Sule noted that the FPSO represents a rare achievement by an indigenous oil company, underscoring Nigeria’s potential in the sector.
