Nigeria Crude Oil Production To Increase By 30,000 BPD In First Quarter Of 2025.

Nigeria’s Vice President Kashim Shettima says the $315 million Floating Production, Storage and Offloading (FPSO) vessel which was launched in Dubai on the 14th of November, 2024, will boost Nigeria’s oil production capacity.

The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 bpd is expected to depart for Nigeria in Q1 2025 and commence production at the Okwok Oil Field in the first half of 2025.

Shettima, who represented President Bola Ahmed Tinubu at the commissioning of the vessel in Dubai United Arab Emirates, described the facility as more than just a maritime infrastructure project, saying it is a pointer to the success of President Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.

Shettima pointed out that what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed, adding that the vessel is a critical link in Nigeria’s ambition to optimise productivity, enabling the country to become a central hub for hydrocarbon demand, both domestically and globally.

Senator Shettima further noted that the UAE demonstrates what can be achieved when natural resources are leveraged effectively, just as he reaffirmed the Nigerian government’s support for transformative initiatives “which align with Nigeria’s vision for expanding hydrocarbon exploration, storage, and refining.