In a significant milestone for Nigeria’s oil and gas industry, Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage, and Offloading (FPSO) vessel designed to greatly enhance the nation’s crude oil output.
The FPSO vessel, with a storage capacity of one million barrels, will begin with an initial production rate of 17,000 barrels per day, with plans to ramp up to 30,000 bpd. It is scheduled to depart for Nigeria in the first quarter of 2025 and begin operations at the Okwok Oil Field in the first half of 2025.
Vice President Kashim Shettima, representing President Bola Ahmed Tinubu at the commissioning and naming ceremony, emphasized that the FPSO is not merely a maritime infrastructure project but a testament to the success of President Tinubu’s reforms in the sector and Nigeria’s growing global influence.
At the ceremony, held on Saturday at the Drydocks World Dubai Shipyard in Dubai, United Arab Emirates, VP Shettima noted that what distinguishes Nigerians is not only their bold ambitions but their deep understanding of the global trajectory.
In a statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Shettima stated, “This FPSO vessel is not just a technological feat; it is a symbol of Nigeria’s ambition and our readiness to meet global energy demands.”
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.
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 delegation to the event, the Chairman/CEO of Oriental Energy Resources Ltd, Alhaji Indimi, announced that the facility is the first FPSO fully funded by a Nigerian indigenous company.
He further highlighted that the vessel, named ENEM FPSO, marks a significant step for a Nigerian oil and gas company in independently developing a marginal field, underscoring that it represents an important milestone for both 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 highlighted that Oriental Energy’s substantial investment in the oil sector has set a new standard for operational excellence and safety, benefiting both Oriental Energy Resources Limited and its partners.
On behalf of the partners, Mr. Hassan Basma of HBA & World Carriers Corporation noted that the ENEM FPSO, with its numerous features, is significant in many ways, particularly as the first indigenous-owned project of its kind in Nigeria. He emphasized that the vessel was fully financed in Nigeria and largely constructed by a Nigerian workforce.
Basma further stated that the partners aim to develop the vessel into a center of excellence, not only for Nigeria but for the entire West African coast. He also pointed out that the completion of the project met NCD requirements and aligned with the company’s ESG (Environmental, Social, and Governance) goals, reflecting the spirit of Nigeria.
