?Says facility signals renewed hope in N?Delta, $5bn Energy Bank set to takeoff

?Komolafe discloses local players account for over 30% oil output

?1m barrels of export operations already concluded, says GEIL chair

President Bola Tinubu yesterday commissioned the $400 million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, the first by any Nigerian company, and the only one built in the country in over 50 years.

Speaking at the event, the President said that the project represented a new chapter in Nigeria?s oil and gas industry and aligned directly with the core priorities of his administration to ramp up crude oil production by enabling a secure, transparent, and efficient evacuation system.

Tinubu stated that the Otakikpo terminal will not only serve GEIL?s production, but will also open an efficient evacuation outlet for marginal and stranded fields across the Niger Delta region, unlocking billions of barrels of reserves and creating value for the economy.

Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Tinubu stressed that the project was also a shining example of his government?s expectation of current licensees. He noted that having provided what he described as ?global competitive fiscals and incentives?, his expectation and hopes were that they will put fields to work to meet set obligations.

On the Ogoni and federal government peace resolution, he stressed that only recently, the government, working with the people of the area and other stakeholders in Rivers State, reached a deal to pave the way for the resumption of oil exploration activities in Ogoni land.

Describing it as a significant breakthrough, Tinubu stated that it reflects Nigeria?s collective commitment to dialogue, mutual respect, and sustainable development, explaining that the Otakikpo terminal is therefore not just an infrastructure project, but a signal of renewed confidence in Rivers State and the Niger Delta.

?Today?s commissioning is more than just opening of a terminal, it is a testament of Nigeria?s resilience and commitment, a new era of indigenous participation, and progress in our oil and gas sector,? he added.

Speaking on financing challenges in the oil and gas sector, the President stated that that era will soon be over, assuring that the $5 billion African Energy Bank (AEB) was about to commence operations and will ease the difficulty in getting funding.

?Let me also assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over. We have discovered that the biggest challenge we have in Africa is access to finance. And that was why we?ve come up with the African Energy Bank, which is ready to go.

?Nigeria as the host country has met its obligations. We have met all our obligations, whether legal or financial. We have met all our obligations. We are waiting for the bank to take off, which I think will take off any moment from now,? Tinubu stated.

According to the President, another big issue in the oil sector is evacuation of crude oil, noting that the new 750,000 barrels facility expandable to 3 million barrels, will help ameliorate such existing problems.

He also cautioned against holding on to oil licences eternally without doing any serious field work, stressing that that era was also over for good.

?There is always a minimum work obligation. The minimum work obligation must be met by all those who have marginal licenses. If you don?t have capacity to do it, you better go and look for something else to do instead of wasting your time in oil and gas,? he warned.

Also speaking, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, described the terminal as historic on two levels, explaining that apart from expanding Nigeria?s crude export infrastructure at a critical time, it demonstrates the capacity of Nigerian operators to deliver world-class projects.

Komolafe expressed the view that the Otakikpo terminal project was in alignment with the country?s current 1.8 million barrels per day national crude oil near-term production projection and the need for efficient evacuation.

By creating an alternative export hub in Rivers State, Komolafe emphasised that the Otakikpo terminal reduces over-reliance on existing terminals, many of which are already operating at near capacity and are exposed to security and pipeline issues.

According to him, the industry?s indigenous operators have evolved to the stage of accounting for 30 per cent of the national production, a testament to how Nigerians were taking over the oil and gas sector.

?Also it is of benefit for indigenous producers. In the past, Nigeria independents had to rely heavily on infrastructure owned by international oil companies often at high crude oil handling charges and transportation costs. In this situation we are all aspiring to reduce the unit cost per barrel.

?The rise of indigenous terminals such as Otakikpo terminal will change that dynamic and give local companies direct control over evacuation. This will not only improve margins but also reduce delays and strengthen their overall competitiveness,? he added.

In his remarks, the Chairman and Chief Executive of GEIL, Prof. Anthony Adegbulugbe, said the storage capacity of the terminal is currently 750,000 barrels, which is expandable to 3 million barrels.

Besides, he disclosed that the facility has a pumping capacity of 360,000 barrels per day, pointing out that since June 2025, the company has completed four export operations, totalling 1 million barrels of crude oil.

Beyond the numbers, the terminal, Adegbulugbe said, is a catalyst for national renewal as it opens the door for more than 40 stranded fields in the region, with over 3 million barrels of reserves, long held back by a lack of export infrastructure.

According to him, the fields alone could contribute more than 200,000 barrels per day to the country?s production.

?This terminal is not just another infrastructure project. It is the realisation of a vision that says Nigeria can lead. That Nigerian companies can deliver. That our energy future is ours to define. I am proud to state that this facility was conceived, designed, and delivered 100 per cent by Nigerian talent. From engineering to construction, it reflects the depth of expertise and capacity that resides in our nation.

?This should give us all confidence: Nigerian innovation can drive Nigerian success; indigenous operators can execute world-class projects with excellence, within budget, and ahead of schedule,? Adegbulugbe stressed. (TRIBUNE)

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