The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has announced that the FPSO facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, is nearing completion and will soon contribute an additional 40,000 barrels per day to Nigeria’s crude oil production.
Lokpobiri made this statement during an inspection visit to the site on Saturday.
The Floating Production Storage and Offloading (FPSO) facility in Lagos is also in partnership with WAEP and ENSERV.
According to Lokpobiri’s statement, the facility is a prime example of how partnerships can strengthen both local expertise and national output, aligning seamlessly with our objective of substantially increasing oil production beyond the current quota, as directed by President Bola Tinubu.
“Supporting local capabilities is essential to driving the increase in our crude oil production. This was my position while inspecting the FPSO facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, in partnership with WAEP and ENSERV.
“I was pleased to see the remarkable progress on the project, which will soon add 40,000 barrels per day to our national crude production.
“This facility is a clear example of how partnerships can enhance both local expertise and national output, aligning perfectly with our goal of significantly increasing oil production beyond current quota as directed by President Bola Ahmed Tinubu,” Lokpobiri said.
In addition, Lokpobiri disclosed that Ken Edward Etete, Group Chairman of Century Group, has confirmed that the ongoing upgrades at the facility are progressing as planned, with full completion expected by the first quarter of next year.
“Interestingly, Mr. Ken Edward Etete, the Group Chairman of Century Group, has assured that the various upgrades underway at the facility are on track, with full completion expected by the first quarter of next year.
“This project demonstrates the kind of commitment and collaboration needed to strengthen our energy sector, and we remain supportive of similar efforts to further enhance our production capacity,” Lokpobiri added.
What you should know
Despite contributing only a small share to Nigeria’s GDP, the oil sector remains a crucial source of foreign exchange and government revenue.
Its significance extends beyond economic statistics, as it finances key government functions. Fluctuations in crude oil production have a major impact on the country’s fiscal stability.
Increased production enhances revenue, bolstering critical sectors such as infrastructure, education, and healthcare.
Conversely, a sharp decline in production can lead to revenue deficits, further straining an already fragile economy, as experienced in recent years.
SOURCE: NAIRAMETRICS
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