FPSO to increase Oil Production by over 40,000 bp– Lokpobiri

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The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has praised the progress on the Floating Production Storage and Offloading (FPSO) facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, in collaboration with WAEP and ENSERV.

During an inspection visit, the minister expressed satisfaction with the advancements, highlighting the facility’s potential to increase Nigeria’s crude oil output by an additional 40,000 barrels per day (bpd). He noted that the FPSO project is part of ongoing efforts following his engagements with NNPC Limited, in alignment with President Bola Tinubu’s directive to boost oil production. The initiative aims to strengthen local capacity and attract more investment into the nation’s oil industry.

Lokpobiri commended the partnership between NNPCL, Century Group, and other collaborators, calling the project a key contributor to Nigeria’s strategy to increase crude oil production and meet global demand.

“This project reflects the type of investment we need in the oil sector. It not only builds local capacity but also enhances crude production beyond current quotas. This facility alone will add 40,000 bpd, which is a significant boost for our economy,” the minister remarked.

He further stressed the importance of increasing Nigeria’s oil production and reaffirmed the government’s commitment to supporting partnerships that focus on revitalizing the oil sector.

“Our objective is to see Nigeria surpass its current production quota, and projects like this are essential in helping us achieve that goal,” Senator Lokpobiri added.

Speaking on behalf of Century Group, Ken Edward Etete, the Group Chairman, shared updates on the project’s progress, mentioning that several upgrades are ongoing at the FPSO facility, with completion targeted for the first quarter of next year. He noted that these improvements would enhance operational efficiency and position the facility as a key player in Nigeria’s energy sector.

The minister commended the management team for their dedication to the project’s timely completion and urged them to continue their hard work. He also reiterated the government’s readiness to support similar initiatives aimed at boosting Nigeria’s oil production capacity.