The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, says that work is in progress between 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.
The Minister expressed satisfaction over the recent works and progressive outcomes between the oil companies.
This is coming from a statement released to newsmen today Saturday, the 12th of October, through the Special Assistant on Media and Communication to the minister of petroleum, Heineken Lokpobiri, Nneamaka Okafor.
During an inspection tour to the site, the minister expressed absolute satisfaction with the efforts put in so far by the company, while also stressing on 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 from the minister’s engagement with NNPCL, in line with President Bola Tinubu’s administration effort towards increased production, strategically designed to enhance local capacity and to foster continuous investments into the nation’s oil sector.
The Minister commended the collaboration between NNPCL, Century Group, and other partners, saying that the project is a critical element in the government's efforts to significantly increase crude production and meet global demands.
In his words he said: "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.
“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.
The minister further pointed out the importance of increasing Nigeria’s oil output, highlighting president commitment to supporting partnerships that aim to revitalize the oil sector and the nation's economy at large.
“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.
While speaking the chairman of Century Group, Mr. Ken Etete, highlighted the progressive achievements gotten so far from the project and upcoming milestones expected to further emerge.
“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” he said.
He also emphasized that these recent upgrades would not only enhance operational efficiency but also position the facility as a key contributor to Nigeria’s energy sector.
