The Minister of State for Petroleum Resources, Oil, Senator Heineken Lokpobiri, has emphasized the potential of the Floating Production Storage and Offloading facility in Lagos to increase crude oil output by an additional 40,000 barrels per day, calling it a significant advancement for Nigeria’s economy.
This major project is a collaborative effort between Nigerian National Petroleum Company Limited Century Nigeria Limited, West African Exploration and Production Company, and NNPC Energy Services Limited.
According to The PUNCH, in a statement released on Saturday by Lokpobiri’s Special Assistant on Media and Communication, Nneamaka Okafor, it was revealed that the minister made an inspection visit to the site where he expressed his satisfaction with the significant strides achieved so far.
He emphasized the immense potential of the facility, which is expected to bolster Nigeria’s crude oil production by an additional 40,000 barrels per day.
This FPSO project is part of a broader strategy initiated by Senator Lokpobiri in response to President Bola Tinubu’s directive to increase crude oil production.
The minister stressed that the facility is not just a critical element in achieving this goal but also a key driver for enhancing local capacity and attracting further investments into the country’s oil sector.
“The work being done here is a reflection of the kind of investments we want in the oil sector,” Lokpobiri said during the visit. “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,” he continued, reinforcing the importance of such initiatives for Nigeria’s economic growth.
He further highlighted the government’s commitment to revitalizing the oil sector through strategic partnerships and investments.
“Our goal is to see Nigeria produce well above its current quota, and this project exemplifies the kind of investments that will help us achieve that,” Lokpobiri added, underscoring the significance of increasing oil output to meet global demands.
The Group Chairman of Century Group, Mr. Ken Etete, also provided valuable insights into the ongoing upgrades at the FPSO facility.
He assured that the project was progressing well and outlined the timeline for its completion.
“We have several upgrades ongoing at the FPSO facility, and we are setting targets for various stages of the work. We are on track to complete everything within the first quarter of next year,” Etete stated.
He explained that these enhancements would not only improve the facility’s operational efficiency but would also solidify its role as a pivotal contributor to Nigeria’s energy sector.
