FPSO will raise oil production by 40,000 barrels daily – Lokpobiri

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has commended the progress of work on the Floating Production Storage and Offloading facility in Lagos, a joint venture between Nigerian National Petroleum Company Limited. and Century Nigeria Limited, in partnership with West African Exploration and Production company and NNPC Energy Services Limited.

According to a statement on Saturday, by the Special Assistant on Media and Communication to Lokpobiri, Nneamaka Okafor, during an inspection visit to the site, the minister expressed satisfaction with the strides made, emphasising the facility’s potential to boost Nigeria’s crude oil production by an additional 40,000 barrels per day.

The FPSO project is one of the measures arising from the minister’s engagement with NNPCL, in line with President Bola 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.

Lokpobiri commended the collaboration between NNPCL, Century Group, and other partners, identifying the project as a critical element in Nigeria’s efforts to significantly increase crude production and meet global demands.
“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 was qouted as saying.
He further underscored the importance of increasing Nigeria’s oil output, highlighting the government’s commitment to supporting partnerships that aim to revitalise 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,” Lokpobiri added.

Speaking on behalf of Century Group, the Group Chairman, Mr. Ken Etete, 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”, 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.