Lokpobiri: FPSO Expected To Boost Oil Production By 40,000 Barrels Daily

Lokpobiri: FPSO Expected To Boost Oil Production By 40,000 Barrels DailyThe Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has praised the progress made on the Floating Production Storage and Offloading (FPSO) facility in Lagos. This project is a joint venture involving the Nigerian National Petroleum Company Limited (NNPCL), Century Nigeria Limited, West African Exploration and Production Company, and NNPC Energy Services Limited.

During a site inspection on Saturday, as reported by his Special Assistant on Media and Communication, Nneamaka Okafor, Lokpobiri expressed his satisfaction with the advancements at the facility, noting its potential to increase Nigeria’s crude oil production by an additional 40,000 barrels per day.

The FPSO initiative is part of the minister’s efforts in collaboration with NNPCL, aligning with President Bola Tinubu’s directive to boost production. It is strategically designed to enhance local capacity and attract further investments into Nigeria’s oil sector.

Lokpobiri recognized the collaboration among NNPCL, Century Group, and other partners, identifying the project as essential for significantly ramping up Nigeria’s crude production to meet global demands.

“The work being done here reflects the type of investments we seek in the oil sector. Projects like this will not only build local capacity but also expand our crude production beyond current quotas. This facility alone will contribute an additional 40,000 bpd, marking a positive step for our economy,” the minister stated.

He also emphasized the importance of increasing Nigeria’s oil output, reiterating the government’s commitment to supporting partnerships aimed at revitalizing the sector. “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.

Mr. Ken Etete, Group Chairman of Century Group, provided updates on the project’s progress and future milestones. “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,” Etete said, emphasizing that these enhancements would improve operational efficiency and solidify the facility’s role in Nigeria’s energy sector.

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