Nigeria’s oil production to receive 40,000 bpd boost from Lagos FPSO facility
Minister of State for Petroleum Resources, Heineken Lokpobiri, has praised the progress of the Floating Production Storage and Offloading (FPSO) facility in Lagos, a joint venture between NNPC Limited, Century Nigeria Limited, WAEP, and ENSERV.
The project is expected to increase Nigeria’s crude oil production by 40,000 barrels per day, bringing the country closer to surpassing its current quota.
Lokpobiri emphasized the facility’s strategic importance, stating, “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.”
During an inspection visit, the minister commended the management team for their dedication to ensuring the project’s timely delivery, urging them to maintain their commitment. Century Group Chairman, Ken Edward Etete, confirmed the project is on track for completion within the first quarter of next year, with ongoing upgrades aimed at enhancing operational efficiency.
The FPSO project aligns with President Bola Tinubu’s directive to increase oil production and demonstrates the government’s commitment to supporting partnerships that revitalize the sector.
Lokpobiri reaffirmed the government’s readiness to support similar initiatives, emphasizing the importance of increasing Nigeria’s oil production capacity.
The facility’s completion will contribute significantly to Nigeria’s economy, with oil and gas production accounting for 10% of the country’s GDP and 86% of total export earnings. This development is a crucial step towards achieving economic growth and reducing dependence on imported fuels.
