Vice-President Kashim Shettima has reaffirmed Federal Government’s support for initiatives aimed at expanding Nigeria’s hydrocarbon exploration, storage and refining.
Shettima, who represented President Bola Tinubu, said this at the inauguration of $315 million Floating Production, Storage and Offloading (FPSO) vessel on Saturday, December 14, 2024, in Dubai, United Arab Emirates.
The vessel is owned by Nigeria’s Oriental Energy Resources Ltd.
The FPSO vessel, with a storage capacity of one million barrels, will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 per day.
It is expected to depart for Nigeria in Q1 2025 and start production at the Okwok Oil Field in the first half of 2025.
Shettima noted that the FPSO vessel symbolised a future where Nigerian ingenuity met global standards, saying “we will be here every step of the way to ensure its utility and success.”
He described the facility as more than just a maritime infrastructure project, adding that it was a pointer to the success of Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.
According to him, what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed.
“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,” he said.
According to him, the vessel is a critical link in Nigeria’s ambition to optimise productivity.
“This will enable the country to become a central hub for hydrocarbon demand, both domestically and globally,” Shettima said.
He commended Alhaji Mohammed Indimi, the Executive Chairman of Oriental Energy Resources Ltd., for his remarkable contributions to the industry.
“Over the decades, Alhaji Mohammed 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 Ltd., 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,” said Shettima.
“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.
“Recently, His Excellency, President Bola 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.
Shettima pointed out that the UAE demonstrated what could be achieved when natural resources were leveraged effectively.
Earlier, Gov. Babagana Zulum of Borno State, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria.
Zulum said Indimi’s investment would stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation’s economy.
“Today is one of my happiest moments to stand before this gathering. I make my brief remark because Alhaji Indimi is from Borno State.
“I’m happy to note that the production of this vessel was born 100 per cent by his own company, which has never happened in Nigeria.
“This goes to show how committed Alhaji Mohammed Indimi is to the growth and development of not only Borno but the entire country,” said Zulum.
Also, Gov. Abdullahi Sule of Nasarawa State applauded Indimi and his technical partners, saying “to truly appreciate the oil mogul, it will 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.”
On his part, Indimi, revealed that the facility was the first FPSO to be fully funded by a Nigerian company.
The vessel named ENEM FPSO, the chairman added, heralded an effort for a Nigerian oil and gas company to independently develop a marginal field.
He stressed that it was an important milestone for Nigeria and its oil and gas sector.
“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.
“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,” he said.
He thanked President Tinubu, Vice-President Shettima, and the dedicated officials and civil servants in the Ministry of Petroleum Resources and the other agencies that provided the enabling environment for the investment.
Capt. Antolovic Rado, the Chief Executive Officer of Drydocks Dubai, assured that the vessel, when fully operational, would contribute significantly to the sustainable development of the Okwok oil field region.
He also said the facility would support economic growth and energy security, noting that the success achieved by Oriental Energy’s investment in the oil sector, had set a benchmark for operational excellence and safety.
By Salisu Sani-Idris
