FPSO Facility Will Boost Nigeria’s Economy, Increase Oil Production with over 40,000 bpd – Says Lokpobiri
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri Ph.D, has lauded the progress of work on the Floating Production Storage and Offloading (FPSO) facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, in partnership with WAEP and ENSERV.
In a statement issued at the weekend by the SA Media and Communication to the Honourable Minister, Nneamaka Okafor, the Minister expressed satisfaction with the strides made, emphasizing that the facility’s potential to boost Nigeria’s crude oil production by an additional 40,000 barrels per day (bpd).
The FPSO project is one of the measures arising from the Minister’s engagement with NNPC Limited, in line with President Bola Ahmed Tinubu’s directive for increased production, and it is strategically designed to enhance local capacity and drive further investments into the nation’s oil sector.
Senator Lokpobiri commended the collaboration between NNPC, Century Group, and other partners, identifying the project as a critical element in Nigeria’s efforts to significantly increase crude production and 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 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 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 insights 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,” Mr. Etete said.
He emphasized 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 commended the management team for their dedication to ensuring the project’s timely delivery and urged them to maintain their commitment. He further 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.
