Tinubu eyes increase in oil production as OERL names FPSO

President Bola Tinubu, on Saturday, raised the hope of a possible increase in Nigeria’s oil production as key stakeholders in the nation’s petroleum industry stormed Dubai for the naming of a Floating Production Storage (FPSO) by Oriental Energy Resources (OERL).

The naming ceremony for the Okwok field FPSO is expected to add about 40,000 barrels per day to the country’s oil production, which has consistently fallen against the budget benchmark.

Launched at the DryDocks World Dubai Shipyard in the United Arab Emirates, Tinubu, speaking at the ceremony, said the vessel would be instrumental in maximising Nigeria’s oil production capacity and driving growth.

Tinubu, who was represented at the occasion by Vice President Kashim Shettima, said the FPSO represents a milestone of immense significance at a time when Nigeria’s oil and gas industry is rapidly evolving.

“It is a masterpiece. The first of its kind to be fully funded by an indigenous oil and gas company,” he said.

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OERL Chairman, Dr. Mohammed Indimi, said Oriental has an ambitious vision to increase Nigeria’s indigenous production capacity.

He said: “The naming of the Okwok FPSO and its imminent departure for Nigeria is a key milestone in this process, but it also represents a key contribution to the attainment of Nigeria’s oil production targets at a critical time for the industry. At full production, Okwok is expected to produce up to 30,000 barrels of oil per day, and with our existing production at Ebok and an exciting pipeline of development opportunities, there is now a clear route to achieving our production targets.”

OERL Managing Director, Mustafa Indimi, noted that the FPSO EMEM is an example of the growing capacity in the Nigerian indigenous oil and gas sector, noting that the facility came at a time when the transition of assets to indigenous ownership is accelerating.

Indimi said: “As the operator of the Okwok field, we have drilled a batch of wells, fabricated and installed a Well Head Platform, and then acquired and managed the conversion of the MV Cactus into an FPSO that has the capability to manage oil and gas separation, gas lift, gas injection, and water injection with a processing capacity of 40,000 barrels of oil per day and a storage capacity of 1 million barrels of oil. This is a major step in line with our long-term strategy to develop our indigenous technical operational capacity, consolidate our asset base, optimise production, and grow organically.”