A $315 million Floating Production, Storage, and Offloading (FPSO) vessel has been launched by Oriental Energy Resources Limited to enhance Nigeria’s crude oil production. The vessel, with a storage capacity of one million barrels, is expected to increase production from 17,000 barrels per day to 30,000 bpd.
Key Points
1. Location: Okwok Oil Field in Nigeria
2. Vessel Capacity: One million barrels
3. Initial Production: 17,000 barrels per day
4. Expected Production: 30,000 barrels per day
5. Launch Date: Q1 2025
Reaction
Vice President Kashim Shettima praised the facility, saying it symbolizes Nigeria’s ambition and readiness to meet global energy demands. Governor Babagana Umara Zulum commended Alhaji Muhammadu Indimi’s vision and tenacity, noting the investment will stimulate economic growth and create job opportunities.
Source: The Nation
