Oriental Energy Resources (OERL) has purchased the EEMEM Floating Production Storage and Offloading Vessel (FPSO), the first fully funded by a Nigerian Company.
A statement by the company said the FPSO EMEM will be the crude oil production, storage and export facility for the Okwok field development offshore Nigeria and would complement OERL’s existing production facilities at the Ebok field after it was named at the DryDocks World Dubai Shipyard in the United Arab Emirates.
“The EMEM FPSO is due to sail from Dubai to the field in Q1 2025 where it will integrate with the already installed Well Head Platform (WHP) and five production wells. First oil from the field is anticipated in H1 2025 and will mark OERL’s first fully independently developed and delivered project following its decision to take on direct operating responsibility at its assets.”
Speaking at the event, Tinubu said FPSO represents a milestone of immense significance at a time when Nigeria’s oil and gas industry is rapidly evolving.
- Why there’s acute malnutrition in N/East, N/West – FG
- Nigeria exports N181.62bn electricity in 9 months
He noted that such vessels would be instrumental in maximising Nigeria’s production capacity and driving growth due to its masterpiece as well as being the first of its kind to be fully funded by an indigenous oil and gas company.
On his part, OERL’s Chairman, Alhaji Dr Mohammed Indimi, said Oriental has the ambitious vision to increase Nigeria’s indigenous production capacity.
“We are honored that the Vice President has taken time out of his busy schedule to represent the President and join us at the event that marks the culmination of many years of investment and time. Oriental has the ambitious vision to increase Nigeria’s indigenous production capacity. The naming of the Okwok FPSO and its imminent departure for Nigeria is a key milestone in this process, but it also represents a key contribution to the attainment of Nigeria’s oil production targets at a critical time for the industry.
“At full production, Okwok is expected to produce up to 30,000 barrels of oil per day and with our existing production at Ebok and an exciting pipeline of development opportunities there is now a clear route to achieving our production targets.”
Describing the technical capabilities of the FPSO, OERL Managing Director Mustafa Indimi said:
“The FPSO EMEM is an example of the growing capacity in the Nigerian indigenous oil & gas sector. This comes at a time where transition of assets to indigenous ownership is accelerating. As the operator of the Okwok field, we have drilled a batch of wells, fabricated and installed a Well Head Platform and then acquired and managed the conversion of the MV Cactus into an FPSO that has the capability to manage oil and gas separation, gas lift, gas injection and water injection with a processing capacity of 40,000 barrels of oil per day and storage capacity of 1 million barrels of oil. This is a major step in line with our long term strategy to develop our indigenous technical operational capacity, consolidate our asset base, optimise production and grow organically.”
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
