Connect with us

National News

Nigeria’s Crude Production To Increase By 30,000bpd

Published

on

Nigeria’s Crude Production To Increase By 30,000bpd

*** As VP Shettima launches Oriental Energy’s FPSO facility in Dubai, says it’s symbol of national ambition

*** Vessel heads for Nigeria as firm launches $315m offshore asset

By: Our Reporter

In a major gain for President Bola Ahmed Tinubu’s oil sector reforms, Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria’s oil production capacity.

The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd is expected to depart for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.

Vice President Kashim Shettima, who represented President Bola Ahmed Tinubu at the commissioning and naming ceremony of the vessel, described the facility as more than just a maritime infrastructure project, saying it is a pointer to the success of President Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.

Speaking on Saturday while commissioning the oil facility at the Drydocks World Dubai Shipyard in Dubai, the United Arab Emirates, VP Shettima pointed out that 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,” the Vice President said.

According to him, the vessel is a critical link in Nigeria’s ambition to optimise productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.

The Vice President lauded Alhaji Muhammadu Indimi, the Executive Chairman of Oriental Energy Resources Limited, for his remarkable contributions to the industry.

He stated: “Over the decades, Alhaji Muhammadu 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 Limited 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.”

VP Shettima further explained that 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.

“Just about two weeks ago, His Excellency, President Bola Ahmed 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.

Senator Shettima further pointed out that the UAE demonstrates what can be achieved when natural resources are leveraged effectively, just as he reaffirmed the Nigerian government’s support for transformative initiatives “which align with Nigeria’s vision for expanding hydrocarbon exploration, storage, and refining.

“This FPSO vessel symbolises a future where Nigerian ingenuity meets global standards, and we will be here every step of the way to ensure its utility and success,” he added.

Expressing delight in the project, Borno State Governor, Prof. Babagana Umara Zulum, commended the vision and tenacity of the Chairman of Oriental Energy Nigeria, saying his investment will stimulate economic growth and create job opportunities for many Nigerians, as well as ensure steady growth and development of the nation’s economy.

Governor Zulum said, “Today is one of my happiest moments to stand before this gathering. I make my brief remark because Alhaji Ndimi is from Borno State, and I’m happy to note that the production of this vessel was born 100 percent by his own company, which has never happened in Nigeria. This goes to show how committed Alhaji Mohammed Ndimi is to the growth and development of not only Borno State but the entire country.”

Also, Nasarawa State Governor, Engr. Abdullahi Sule, applauded the Chairman of Oriental Energy, Alhaji Indimi, and his technical partners, noting that to truly appreciate the oil mogul, it would 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,” he noted.

Earlier, while welcoming the Vice President and his entourage at the event, Chairman/CEO of Oriental Energy Resources Ltd, Alhaji Indimi, revealed that the facility is the first FPSO to be fully funded by a Nigerian indigenous company.

The vessel named ENEM FPSO, the chairman added, has heralded an effort for an indigenous Nigerian oil and gas company to independently develop a marginal field, stressing that it is an important milestone for Nigeria and its indigenous oil and gas sector.

He continued: “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 and contributing to the government’s ambition to increase oil revenue to fund Nigeria’s development.

“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.

“I want to take this opportunity to thank the Nigerian government; His Excellency, President Bola Ahmed Tinubu; His Excellency Vice President Kashim Shettima, and the dedicated officials and civil servants in the Ministry of Petroleum Resources, NURPC and the other agencies that have provided the enabling environment for this investment”.

In his own remarks, the Chief Executive Officer of Drydocks Dubai, Capt. Dr. Antolovic Rado, assured that the vessel, when fully operational, will contribute significantly to the sustainable development of the Okwok oil field region and would support economic growth and energy security.

He noted that the success achieved by Oriental Energy’s huge investment in the oil sector, has set a benchmark for operational excellence and safety to Oriental Energy Resources Limited and other partners.

On his part, representative of partners, HBA & World Carriers Corporation, Mr Hassan Basma, said the vessel, EMEM, with many features is significant in many ways, especially being the first of its kind (indigenous-owned project) in Nigeria, financed wholly in Nigeria and predominantly done by a Nigerian workforce.

He added that the partners aimed to develop the vessel to become the centre of excellence, not only for Nigeria, but for the entire coast of Africa.

According to him, the completion of the project satisfied not only the NCD requirements, but aligned with the company’s ESG in line with the spirit of Nigeria.

Nigeria’s Crude Production To Increase By 30,000bpd

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National News

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

Published

on

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

By: Bodunrin kayode

President Bola Tinubu on Saturday commended Prof Umara Zulum for doing a good job even as he delivers series of new project for his people.

The President who made the remarks during the commissioning ceremony of several projects performed separately, commended Governor Zulum for his transformative leadership which is really touching the lives of the people.

“I congratulate the Governor and the people of Borno State for this transformation. Government is all about people, and Professor Zulum is doing a very good job of caring for people.” Said Tinubu.

Tinubu had Commissioned three newly constructed mega schools and a fleet of 620 fully electric vehicles and tricycles delivered by the Governor of Borno State, Professor Babagana Zulum.

The President highlighted the projects as tangible evidence of effective governance and a blueprint for holistic state development needed in times like these.

The commissioned schools include: Mafoni Day Secondary School, Bola Ahmed Tinubu Government Day Secondary School and Mafoni Primary School.

They are part of Governor Zulum’s ambitious 104 Mega School Initiative designed to drastically improve access to quality education and rebuild the sector after over a decade of insurgency.

Each of the school complexes is equipped with modern classrooms, laboratories, libraries, sports facilities and an administrative complex to create a conducive learning environment.

Earlier, the President had also commissioned the international terminal of the Muhammadu Buhari International Airport, Maiduguri, in preparation for the commencement of international operations.

Responding to the President’s gesture Zulum expressed gratitude for the federal government’s support and reiterated his administration’s commitment to rebuilding Borno’s infrastructure, economy and human capital.

President Tinubu concluded his state visit by attending the wedding ceremony of the son of the former Borno State Governor Senator Modu Sheriff’s, conducted at the Maiduguri Central Mosque in front of the Palace of the Shehu of Borno state.

The event was attended by state government officials, traditional rulers community leaders and a group of federal officials in the Presidential convoy.

President Tinubu Commends Zulum over dividends of Democracy even as he commissions new projects in Borno

Continue Reading

National News

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

Published

on

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

By: Michael Mike

The Network for the Actualization of Social Growth and Viable Development (NEFGAD), a frontline public procurement advocacy group, has commended President Bola Tinubu for the bold, visionary, and far-reaching reforms outlined in his presentation of the 2026 Appropriation Bill to the National Assembly.

NEFGAD particularly commended President Tinubu’s remarks on public procurement at the presentation of the budget, stating that the President’s statement underscores the administration’s unwavering commitment to transparency, efficiency, and prudent management of public resources.

In a statement signed by the organisation’s acting head of office, Barrister Unekwu Ojo, and made available to journalists on Saturday, NEFGAD lauded the President’s disclosure that the Federal Government commenced a comprehensive procurement reform framework from November last year, describing it as a decisive shift toward strengthening due process, reducing waste, and enforcing accountability across Ministries, Departments, and Agencies (MDAs).

The statement noted that the reforms have demonstrably shortened procurement processing timelines, enhanced compliance, and strengthened sanctions against erring contractors and public officials, setting a new benchmark for governance and fiscal prudence.

The group said that November 2024, the period referenced by Mr. President, coincides with the assumption of office of the Director-General of the Bureau of Public Procurement (BPP), Dr. Adebowale Adedokun, and established beyond doubt, that the procurement reforms acknowledged by Mr. President are being driven and implemented under the leadership of Dr. Adedokun, in alignment with the policy direction of the Tinubu administration.

Of particular significance is the President’s emphasis on the Nigeria First Policy, which mandates MDAs to prioritize Nigerian-made goods and local companies in public procurement, NEFGAD described this policy as a strategic intervention aimed at deepening local content, stimulating domestic industries, creating jobs, encouraging innovation, and reducing Nigeria’s over-reliance on imports, and emphasised that procurement is no longer a mere administrative process but a powerful instrument for national economic development and industrial growth.

Ojo further commended the remarkable achievement of the Bureau of Public Procurement under Dr. Adebowale Adedokun, which has recorded over ₦1 trillion in savings within just one year through enhanced price intelligence and benchmarking mechanisms.

She insisted that: “This figure is larger than the cumulative savings recorded by the BPP in 17 years from 2007 to 2024 before Dr. Adedokun’s assumption of office, marking the most significant cost-saving milestone in the history of the Bureau and perhaps in the entire continent by any government in a single budget cycle.”

NEFGAD observed that these gains are a clear demonstration that Nigeria’s procurement system is entering a new era defined by efficiency, national interest, and sustainable economic growth. The organisation stressed that while the achievements are commendable, sustained reforms must be safeguarded through strict adherence to due process, impartial enforcement, and continuous transparency.

The group called on all stakeholders, including MDAs, civil society organisations, and the media, to actively engage in monitoring the implementation of procurement reforms, ensuring that the Nigeria First Policy achieves its intended goals without being hijacked by vested interests or manipulated for political patronage.

NEFGAD also urged the government to institutionalise best practices, consolidate savings, and expand the culture of accountability, warning that the long-term success of the reforms hinges on consistent oversight, robust regulatory frameworks, and unwavering political will.

According to NEFGAD, the ongoing transformation of Nigeria’s procurement landscape is not only a victory for public finance management but also a template for good governance that other sectors can emulate. The organisation reiterated its commitment to supporting the government’s reform agenda through advocacy, capacity building, and independent monitoring, emphasizing that procurement must continue to serve as a strategic driver of economic development, job creation, and national prosperity.

Tinubu’s Procurement Reforms, a Turning Point for National Economic Growth – NEFGAD

Continue Reading

National News

China-Nigeria Trade Volume Surpasses $22b- Envoy

Published

on

China-Nigeria Trade Volume Surpasses $22b- Envoy
…10,000 Nigerians Have Enjoyed Training Programmes in China So Far

By: Michael Mike

China-Nigeria trade volume has surpassed $22 billion, China Ambassador to Nigeria, Yu Dunhai has said.

Speaking at the 1st Annual China-Nigeria Government Exchange Program Alumni Reunion Gala, in Abuja, Yu also disclosed that over 10,000 Nigerians have benefited from opportunities for the exchange provided by China.

Yu while noting that 2025 trade volume has surpassed that of the previous year, said that China’s direct investment to Nigeria increased by 130%, while Nigeria’s export increased by over 200%.

He said: “ I think this bilateral relations not only has a political meaning, but it’s actually more about people-to-people relations. And I’m very happy to let all of you know that our trade volumes, this year, already surpassed 22 billion U.S. dollars.

“That’s already surpassed the total amount of last year. And China’s direct investment to Nigeria increased by 130%. And another good news is Nigeria’s export increased by over 200%.”

The envoy also said his country is working closely with Nigeria authorities to implement the zero tariff policy announced in June 2025, which is meant to expand Nigeria’s export to China while also enhancing Nigeria’s position on the international global trading system.

He said: “We are working very closely with the Ministry of Industry, Trade and Investment to implement the zero tariff policy, which the Chinese government announced last June. That is, China is going to provide zero tariff for 100% of products from all 53 African countries, including Nigeria, to China.

“And I believe that this is going to expand Nigeria’s export to China and contribute also to the enhancing of Nigeria’s position on the international global system, the trading system.”

He noted that China-Nigeria are working on other various projects which are aimed at providing mutual benefits, stating that he believed that Nigeria and China are natural partners, as both countries shared the same interest.

He therefore said both countries need to work together to enhance the current global governance, to address the active representation of African countries, and to better let our voices be heard globally.

Yu, while stating that: “China’s today is Nigeria’s tomorrow,” noted that China and Nigeria shared a lot of similarities.

On bringing the alumni together, Yu said: “is to provide a platform for our alumni who attended the Chinese Government Exchange Programme to stay connected, to exchange ideas, and thus contribute to China-Nigeria relations.

“Indeed, over the years, China has provided over 10,000 opportunities for the training programme for Nigerians.

He said the training opportunities aimed at building the capacities and sharing experience of governance, to poverty reduction, to manufacturing, agriculture, public health, trade, investment, science, technology, innovation, food economy, digital economy.

He added that: “And I believe that this not only helps to enhance the capabilities of the individuals, but also contributes to the economic and social development of Nigeria.”

Yu said the alumni of the exchange programme cut across Nigeria’s cities of Abuja, Lagos, Maiduguri and Ibadan, among others.

China-Nigeria Trade Volume Surpasses $22b- Envoy

Continue Reading

Trending

Verified by MonsterInsights