Petroleum Resources Minister Heineken Lokpobiri has said 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. Announced. .
Lokpovili made this statement while inspecting the site on Saturday.
The floating production storage and offloading (FPSO) facility in Lagos is also in partnership with WAEP and ENSERV.
Lokpobiri’s statement said the facility is a great example of how partnerships can strengthen both local expertise and national production, and in line with President Bola Tinubu’s directives, the facility will significantly increase oil production beyond current quotas. It aligns seamlessly with our goal of increasing
“Supporting local capacity is essential to facilitate increased crude oil production. That was my position when I was there.
“We are pleased to see the impressive progress of this project which will soon increase domestic crude oil production by 40,000 barrels per day.
“This facility is a clear example of how partnerships can strengthen both local expertise and national output, and in accordance with the directives of President Bola Ahmed Tinubu, we will exceed current quotas. It is fully consistent with our goal of significantly increasing oil production,” Lokpovili said.
Additionally, Lokpobiri confirmed that Ken Edward Etete, Group Chairman of Century Group, confirmed that the ongoing renovations at the facility are proceeding as planned and are expected to be fully completed by the first quarter of next year. He announced that he had confirmed it.
“Interestingly, the Group Chairman of Century Group, Ken Edward Etete, said that the various renovation works underway at the facility are progressing well and are expected to be fully completed by the first quarter of next year. I assured you there was.
“This project demonstrates the commitment and cooperation needed to strengthen our country’s energy sector, and we will continue to support similar efforts to further strengthen production capacity,” Lokpovili added.
What you need to know
Despite accounting for a small portion of Nigeria’s GDP, the oil sector remains an important source of foreign exchange and government revenue.
Its importance extends beyond economic statistics as it funds key government functions. Fluctuations in crude oil production have a major impact on a country’s financial stability.
Increased production will increase revenues and strengthen key sectors such as infrastructure, education, and healthcare.
Conversely, a sharp decline in production, as experienced in recent years, can lead to revenue deficits and further strain on an already fragile economy.
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