An indigenous energy firm, Green Energy International Limited, has unveiled the country’s first onshore crude oil export terminal in over five decades.
The terminal, located at Otakikpo in Rivers State, is the first onshore export facility to be developed and operated by a private African company. It is expected to significantly boost Nigeria’s crude oil export capacity and reduce reliance on offshore terminals.
The firm, in a statement issued on Tuesday, said the facility is equipped with an initial storage capacity of 750,000 barrels, expandable to three million barrels, and a loading capacity of 360,000 barrels per day.
It said this would add a significant capacity to the Federal Government’s objective to produce 2.06 million barrels per day.
The statement read, “Green Energy International Limited has completed the Otakikpo crude oil terminal, marking the country’s first indigenous onshore crude export facility in over five decades.
“The newly constructed terminal boasts an initial storage capacity of 750,000 barrels, with potential expansion to three million barrels. It also features a 360,000 barrels per day pumping capacity for loading export tankers, making it one of the most significant infrastructure projects in Nigeria’s energy landscape.”
It stated that the facility, which was completed ahead of schedule in less than two years, represents one of the most ambitious infrastructure projects in Nigeria’s energy sector. The statement noted that the project had gulped over $400m in investments with a full development cost of $1.3bn.
With an initial investment exceeding $400m and a full-phase development projection of $1.3bn, GEIL’s commitment to expanding Nigeria’s oil export infrastructure is evident.
“The Otakikpo terminal is designed to accommodate up to 250,000 barrels per day of crude injection, while the Otakikpo field currently produces around 10,000 barrels per day.
“This opens strategic opportunities for third-party producers, particularly over 40 nearby stranded fields estimated to hold more than 3 billion barrels of oil equivalent,” It explained.
Beyond supporting stranded reserves, the oil and gas company said the terminal’s proximity to the Ogoni fields aligns with President Bola Tinubu’s administration’s pledge to revitalize the Ogoni and Opobo fields, which have remained underdeveloped for more than 30 years.
“By unlocking these assets, GEIL’s infrastructure provides cost-effective evacuation for stranded oil, positioning Nigeria for increased production and export growth.
“The first crude exports from the terminal are expected between May 23 and May 25, 2025, signalling a new era for Nigerian oil logistics and reinforcing the nation’s role as a key player in global energy markets.
“With rising global demand for African crude, the terminal is poised to attract more investors and strengthen Nigeria’s position in the international energy arena,” the statement concluded.
SOURCE : PUNCH
About The Author
