Nigeria is set to boost its crude oil production by 30,000 barrels per day (bpd) following the inauguration of a $315 million Floating Production, Storage, and Offloading (FPSO) vessel by Vice President Kashim Shettima in Dubai. The facility, developed by Oriental Energy Resources Limited, marks a significant milestone for Nigeria’s oil and gas industry as it represents the first FPSO fully funded by a Nigerian indigenous company.
A Major Step for Nigeria’s Oil Industry
The FPSO, named EMEM FPSO, has a storage capacity of one million barrels and is set to begin production with an initial output of 17,000 bpd, later scaling up to 30,000 bpd. The vessel is expected to depart for Nigeria in the first quarter of 2025 and begin operations at the Okwok Oil Field in the first half of the year.
At the inauguration held at Drydocks World Dubai Shipyard, Vice President Shettima praised the project as a testament to President Bola Tinubu’s reforms in the oil and gas sector. He highlighted that the facility reflects Nigeria’s readiness to meet global energy demands while strengthening its local capacity.
“This FPSO is not just a technological feat but a symbol of Nigeria’s ambition,” Shettima said. “It demonstrates our resilience and readiness to transform the oil and gas sector under President Tinubu’s leadership.”
A Trailblazer for Indigenous Participation
The Executive Chairman of Oriental Energy Resources, Muhammadu Indimi, emphasised that the FPSO is a significant achievement for Nigeria’s indigenous oil and gas sector. “This vessel heralds a new chapter for Nigerian companies in independently developing marginal fields,” Indimi said. He added that the project aligns with Oriental Energy’s goal of delivering 100,000 barrels of daily production in the coming years.
Borno State Governor, Prof. Babagana Zulum, commended Indimi for his dedication to Nigeria’s development, while Nasarawa State Governor, Abdullahi Sule, lauded him as a visionary businessman who has elevated indigenous participation in the oil industry.
Driving Economic and Energy Growth
The FPSO will be pivotal for the Okwok Oil Field, a marginal field expected to enhance Nigeria’s crude oil output significantly. This increase will contribute to the federal government’s efforts to diversify revenue sources and support economic development.
The Chief Executive Officer of Drydocks Dubai, Dr Antolovic Rado, noted that the FPSO would play a key role in promoting sustainable development and energy security in Nigeria. Additionally, technical partners like HBA & World Carriers Corporation highlighted the importance of this project, which was executed predominantly by a Nigerian workforce and funded entirely in Nigeria.