Nigeria?s Oriental Energy Resources Limited on Saturday unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria?s oil production capacity.

This feat represented a major gain for President Bola Tinubu?s ongoing oil sector reforms.

The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd is expected to depart for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.

Vice President Kashim Shettima, who represented President Tinubu at the inauguration and naming ceremony of the vessel, described the facility as more than just a maritime infrastructure project, saying it is a pointer to the success of President Tinubu?s reforms in the sector as well as Nigeria?s growing global influence.

Speaking while inaugurating the oil facility at the Drydocks World Dubai Shipyard in Dubai, the United Arab Emirates, the Vice President, in a release issued by his Media Assistant, Stanley Nkwocha, pointed out that what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed.

He said: ?This FPSO vessel is more than just a technological achievement; it is a symbol of Nigeria?s ambition and our readiness to meet global energy demands. Under President Tinubu?s leadership, we are witnessing the transformation of the oil and gas sector, which is central to our economic revitalisation efforts?.

According to him, the vessel is a critical link in Nigeria?s ambition to optimise productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.

The Vice President lauded the Executive Chairman of Oriental Energy Resources Limited, Muhammadu Indimi, for his remarkable contributions to the industry.

?Over the decades, Alhaji Muhammadu Indimi has stood as a model businessman and symbol of excellence in the oil and gas industry. So, it?s not surprising that his vision has transformed Oriental Energy Resources Limited into a global phenomenon.

?This outcome testifies to what is possible when ambition is matched with perseverance and expertise. His journey reminds us that Nigeria is a land of opportunity, and with dedication, there is no limit to what we can achieve,? he said.

Shettima further explained that as Nigeria?s home-based refineries come alive, vessels like this will be instrumental in maximising the nation?s production capacity and driving economic growth.

?Just about two weeks ago, President Tinubu, was in Paris, where he oversaw the expansion of one of Nigeria?s indigenous banks into that sphere of the European financial market. That historic moment reflected our collective aspiration as a nation,? he noted.

The Vice President further pointed out that the UAE demonstrates what can be achieved when natural resources are leveraged effectively, just as he reaffirmed the Nigerian government?s support for transformative initiatives ?which align with Nigeria?s vision for expanding hydrocarbon exploration, storage, and refining.

?This FPSO vessel symbolises a future where Nigerian ingenuity meets global standards, and we will be here every step of the way to ensure its utility and success,? Shettima further explained.

Expressing delight in the project, Borno State Governor, Prof. Babagana Zulum, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria, saying his investment will stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation?s economy.

He said, ?Today is one of my happiest moments to stand before this gathering. I make my brief remark because Alhaji Ndimi is from Borno State, and I?m happy to note that the production of this vessel was born 100 percent by his own company, which has never happened in Nigeria. This goes to show how committed Alhaji Mohammed Ndimi is to the growth and development of not only Borno State but the entire country.?

On his part, Nasarawa State Governor, Abdullahi Sule, applauded Indimi, and his technical partners, noting that to truly appreciate the oil mogul, it would be best to know that he wasn?t the only person that was allocated an oil block in the 90s.

?There were so many of them. But from what we are witnessing today, he will go down as one who believes in Nigeria, who believes in investing in Nigeria, who believes in the government of Nigeria, who appreciates Nigeria. And that is the reason why he is investing in this baby here that is going to store one million barrels of crude oil,? he noted.

Earlier, while welcoming the Vice President and his entourage to the event, Indimi revealed that the facility is the first FPSO to be fully funded by a Nigerian indigenous company.

The vessel named ENEM FPSO, the chairman added, has heralded an effort for an indigenous Nigerian oil and gas company to independently develop a marginal field, stressing that it is an important milestone for Nigeria and its indigenous oil and gas sector.

According to him: ?When operating at full capacity we expect the Okwok Oil Field to produce up to 30,000 barrels of oil a day, significantly enhancing Nigeria?s oil production and contributing to the government?s ambition to increase oil revenue to fund Nigeria?s development.

?The Okwok field is just one step towards our long term ambition to deliver 100,000 barrels of oil per day of production in Nigeria. We have a strong set of proven assets, and a development pipeline that can deliver it.

?I want to take this opportunity to thank the Nigerian government; President Bola Tinubu; Vice President Kashim Shettima, and the dedicated officials and civil servants in the Ministry of Petroleum Resources, NURPC and the other agencies that have provided the enabling environment for this investment?.

In his own remarks, the Chief Executive Officer of Drydocks Dubai, Capt. Dr. Antolovic Rado, assured that the vessel, when fully operational, will contribute significantly to the sustainable development of the Okwok oil field region and would support economic growth and energy security.

He noted that the success achieved by Oriental Energy?s huge investment in the oil sector, has set a benchmark for operational excellence and safety to Oriental Energy Resources Limited and other partners.

On his part, representative of partners, HBA & World Carriers Corporation, Mr Hassan Basma, said the vessel, EMEM, with many features is significant in many ways, especially being the first of its kind (indigenous-owned project) in Nigeria, financed wholly in Nigeria and predominantly done by a Nigerian workforce.

He added that the partners aimed to develop the vessel to become the centre of excellence, not only for Nigeria, but for the entire coast of Africa.

According to him, the completion of the project satisfied not only the NCD requirements, but aligned with the company?s ESG in line with the spirit of Nigeria. (AriseNews TV)

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