Harvard University alumnus and prominent member of the Nigerian Society of Engineers, Engr Abdullahi Hashim, has lauded the Executive Chairman of Oriental Energy Resources, Alhaji Muhammadu Indimi, over the successful inauguration of the first funded Floating Production Storage and Offloading Vessel, FPSO, at Drydocks World Dubai Shipyard in the United Arab Emirates, UAE.
Hashim, who is a member of the Council for the Regulation of Engineering in Nigeria, COREN, and a fellow member, College of Diplomacy and International Relations, FCDIR, said the worthy initiative is another record broken and a new record being set by an outstanding achiever of repute.
In a statement signed and made available to journalists yesterday, Hashim said the enviable feat is second to none, adding that the venture will impact positively on the petroleum sector.
According to the member of the Nigerian Institute of Civil Engineers, NICE, Indimi is a man with the Midas touch, adding that as a man of vision and record breaker, he has demonstrated his faith in the Nigerian economy and better tomorrow for the country.
He said, “the successful completion and commissioning of Okwok Field’s Floating Production Storage and Offloading vessel/platform in Dubai is a game changer in the upstream sub-sector of Nigeria’s oil industry.
“This is the first FPSO entirely funded by an indigenous Nigerian company and the remarkable achievement being championed by no other person than Indimi is worthy of emulation.
“His signature and investment in FPSO indicates the rising capacity of Nigerian firms in conceptualising and successfully executing complex projects in the upstream oil industry.
“It is on record that the successful building and commissioning of the FPSO marks a significant step toward enabling an indigenous oil and gas company to independently develop a marginal oil field.
“The development represents an important milestone for Nigeria and its indigenous energy sector, as Indimi has shown that it is possible to effect positive change in Nigeria’s oil industry.
“It is instructive to note that the investment would boost economic growth, generate job opportunities for Nigerians and ensure steady growth and development of not only the oil sector, but the economy in general.
“For the record, Indimi believes in the capabilities that exist in the Nigerian oil and gas industry and his foray into the sector is now yielding positive results.”
It is important to note that Vice President Kashim Shettima had recently commissioned the $315 million FPSO built in Dubai by Indimi’s privately-held Nigerian oil firm , Oriental Energy Resources Limited.
The FPSO, which has a storage capacity of one million barrels, will kick off with an initial production of 17,000 barrels per day and later increase its production capacity to 30,000 bpd.
The vessel “is expected to depart for Nigeria in Q1 2025 and commence production at Okwok Oil Field in the first half of 2025.”
Shettima, who represented President Bola Tinubu at the commissioning ceremony of the offshore asset at Drydocks World Dubai Shipyard in Dubai, said the facility is more than just a maritime infrastructure project.
The vice president also described the FPSO as a symbol of national ambition and a testament to the success of President Tinubu’s reforms in the oil sector.
Salient points about the FPSO:
• The FPSO will increase Nigeria’s Crude Production by 17,000 bpd and later by 30,000bpd.
• Nigeria’s oil production in November 2024 was 1.4 million bpd, short of its OPEC quota of 1.5 million bpd.
• While the Organisation of Petroleum Exporting Countries, OPEC, urges most of its members to cut production in order to help it control global oil prices, Nigeria has expressed commitment in increasing its oil production and has set a target of over 2 million bpd for 2025.
• The vessel is scheduled to depart for Nigeria in Q1 2025 and begin production at the Okwok Oil Field in the first half of 2025.
