Nigeria’s low oil production is set to receive a boost as a Floating Production Storage and Offloading (FPSO) facility in Lagos nears completion.
The FPSO is a joint venture project between NNPC Limited and Century Nigeria Limited, in partnership with WAEP and ENSERV.
Minister of State of State for Petroleum Resources (Oil), Mr. Hieneken Lokpobiri, while on an inspection visit to the site at the weekend, hinted that upon completion, the FPSO will support efforts to add 40,000 barrels per day oil production to the nation’s output.
The Minister lauded the progress of work and expressed satisfaction with the strides made so far.
The FPSO project is one of the fall outs from the Minister’s engagement with NNPC Limited, in line with President Bola Ahmed Tinubu’s directive for increased oil production which is strategically designed to enhance local capacity and drive further investments into the nation’s oil sector.
Lokpobiri who commended the collaboration between NNPC, Century Group, and other partners, identified the project as a critical element in Nigeria’s efforts to significantly increase crude oil production to meet global demand.
“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 quota.
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 underscored the importance of increasing Nigeria’s oil output, highlighting the government’s commitment to supporting partnerships that aim to revitalize the sector.
“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,” Senator Lokpobiri added.
Speaking on behalf of Century Group, Mr. Ken Edward Etete, the Group Chairman, provided insight into the progress and upcoming milestones for the project.
“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 said.
He emphasised that these upgrades would not only enhance operational efficiency but also position the facility as a key contributor to Nigeria’s energy sector.
The Minister further commended the management team for their dedication to ensuring the project’s timely delivery and urged them to maintain their commitment.
He reaffirmed the government’s readiness to support similar initiatives aimed at enhancing Nigeria’s oil production capacity.
The FPSO project stands as a testament to the power of partnerships in the oil and gas sector, with its successful completion set to make a significant impact on Nigeria’s economy and global energy positioning.