In a significant development for Nigeria’s oil sector, the Minister of Petroleum Resources, Heineken Lokpobiri, announced that the completion of a new Floating Production Storage and Offloading (FPSO) facility by Century Group and its joint venture partners is expected to boost the nation’s oil production by an impressive 40,000 barrels per day. The facility is slated for completion next year.
This FPSO project is a collaborative effort involving NNPC Limited, Century Nigeria Limited, WAEP, and ENSERV. FPSOs are advanced floating facilities designed to process hydrocarbons, enabling the separation and treatment of crude oil, water, and gases that are transported from subsea oil wells through flexible pipelines.
During an unscheduled visit to the facility over the weekend, Minister Lokpobiri praised the Century team for their efforts, highlighting the project as a prime example of how strategic partnerships can enhance local expertise and increase national output. He emphasized that this initiative aligns seamlessly with the goals of President Bola Ahmed Tinubu’s administration, which aims to significantly elevate Nigeria’s oil production beyond its current quotas.
The introduction of this FPSO facility is anticipated to play a crucial role in revitalizing Nigeria’s oil industry and contributing to the country’s economic growth.
According to him, “This project demonstrates the kind of commitment and collaboration needed to strengthen our energy sector, and we remain supportive of similar efforts to further enhance our production capacity,” Lokpobiri added.
On his part, the Group CEO of Century Group, Mr Ken Etete appreciated the Minister’s visit to the facility.
“The Minister’s visit is a surprise and it serves as an encouragement to us in our drive to deliver this project and aid in increasing the country’s production.” Etete said.
Etete also revealed that the various upgrades underway at the facility are on track, with full completion expected by the first quarter of next year.
Etete noted that this is a very unique project adding that this is the first time a firm will do all together in-country upgrade, modification and deployment using Nigerian resources.
“This fits into the government philosophy in the immediate medium term to increase production.”
“We believe that we are domiciling a lot of resources and benefits to the Nigerian economy”, he said
Since 2002, Century Energy has indirectly participated in about 50 valuable and impactful energy projects worth over $10 billion, Oil installations, equipment, and other assets estimated at over $1billion and a cumulative contribution to a daily production of over 200,000 bpd.
The organization has been able to achieve this daring feat being the first domestic energy infrastructure provider to fully own and manage two FPSOs (Tamara Tokoni and Tamara Nanaye). Presently, Century Energy has within its operational portfolio four FPSOs including the newly acquired Sendje Berge, four flow-stations, one MOPU, and one FSO which it operates on behalf of various clients in Nigeria.
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