Operators target lower production cost with new $400m Otakikpo oil terminal

By Obas Esiedesa, Abuja

Nigeria’s crude lipid accumulation costs are expected to diminution with the commissioning of the caller $400 cardinal Otakikpo onshore crude lipid export terminal successful Andoni, Rivers State.

The 750,000-barrel capableness facility, developed by Green Energy International Limited (GEIL), relation of the Otakikpo tract PML 11, volition beryllium inaugurated adjacent week by President Bola Ahmed Tinubu. It is projected to supply a cost-efficient evacuation way for much than 40 stranded lipid fields successful the region.

In a connection signed by GEIL’s Executive Director of Legal and Corporate Services, Mr. Olusegun Ilori, the institution explained that the task aligns with the Tinubu administration’s thrust to boost lipid accumulation and fortify Nigeria’s vigor infrastructure.

The Otakikpo terminal is notable arsenic the archetypal indigenous onshore terminal developed solely by a Nigerian company, and the archetypal crude export terminal built successful the state successful implicit 50 years. The past was the Forcados Terminal, commissioned successful 1971.

The inauguration volition beryllium attended by Rivers State Governor Sir Siminalayi Fubara, apical national authorities officials, and cardinal manufacture stakeholders led by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri.

Industry operators person agelong identified evacuation bottlenecks arsenic a large situation to achieving the Federal Government’s people of producing 3 cardinal barrels of crude lipid per day. The caller terminal is expected to service arsenic a lifeline to different stranded lipid fields, unlocking millions of barrels for export.

The installation volition commencement with a retention capableness of 750,000 barrels, expandable to 3 cardinal barrels, and a loading capableness of 360,000 barrels per day.

Chairman/CEO of Green Energy, Professor Anthony Adegbulugbe, described the accomplishment arsenic transformative: “What we person achieved present is not conscionable a retention solution, but a game-changing nationalist infrastructure that has opened a caller pathway for astir 40 stranded lipid fields to yet lend to the economy.”

The station Operators people little accumulation outgo with caller $400m Otakikpo lipid terminal appeared archetypal connected Vanguard News.