Nigeria’s oil sector is set to receive a significant boost with the ongoing development of the Floating Production Storage and Offloading (FPSO) facility in Lagos. The project, a joint venture between NNPC Limited, Century Nigeria Limited, WAEP, and ENSERV, is projected to add over 40,000 barrels per day (bpd) to the country’s crude oil output.
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During an inspection of the site, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), expressed satisfaction with the progress made, highlighting the economic benefits that the FPSO facility will bring to Nigeria. According to Lokpobiri, the project is a direct result of President Bola Tinubu’s directive to increase production and encourage local investments in the oil sector.

“The work being done here is a reflection of the kind of investments we want in the oil sector. With projects like this, we are not only building local capacity but also expanding our crude production beyond current quotas. This facility alone will contribute an additional 40,000 bpd, which is a step in the right direction for our economy,” the Minister stated.

He further noted that increased oil production is crucial to Nigeria’s economic growth, stressing the government’s commitment to supporting initiatives that enhance local capacity and drive investment in the oil and gas industry.
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Speaking on behalf of Century Group, Ken Edward Etete, the Group Chairman, provided updates on the project’s progress and expected completion. “We are on track to complete everything within the first quarter of next year,” Mr. Etete said, noting that upgrades at the facility would enhance its operational efficiency and position it as a key player in Nigeria’s energy sector.

The FPSO facility is part of broader efforts to revitalise Nigeria’s oil production capacity. Lokpobiri commended the management team for their dedication and urged them to ensure the project is delivered on schedule. He also reaffirmed the government’s readiness to support similar projects that aim to increase Nigeria’s oil output and strengthen its global energy positioning.

Once completed, the FPSO facility is expected to make a significant impact on Nigeria’s economy, showcasing the power of partnerships in the oil and gas sector.
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