BREAKING: Atiku Hails Oriental Energy, Says Investment Will Increase Crude Output

Former Vice President Atiku Abubakar has congratulated the Chairman of Oriental Energy Resources (OER), Mohammed Indimi, on the completion and commissioning of the Okwok Field’s Floating Production Storage and Offloading (FPSO) vessel/platform in Dubai.

In a statement in Abuja by his spokesman, Paul Ibe in Abuja, on Wednesday, the former Vice President described the commissioning of the FPSO as one of the most gladdening news coming out from the upstream subsector of Nigeria’s oil industry in recent times.

“The vessel’s deployment at the Okwok field is expected to significantly increase Nigeria’s crude oil output, contributing to the government’s revenue growth and economic development objectives,” he said.

According to Atiku, “This is the first FPSO entirely funded by an indigenous Nigerian company and this landmark achievement being championed by OER showcases the rising capability of Nigerian firms in conceptualizing and successfully executing complex projects in the nation’s upstream oil industry.”

The former presidential candidate of the Peoples Democratic Party (PDP) noted that the successful building and commissioning of the FPSO marked a significant step toward enabling an indigenous oil and gas company to independently develop a marginal oil field.

“This development marks an important milestone for Nigeria and its indigenous energy sector.

“No doubt, this latest investment would boost economic growth, generate job opportunities for Nigerians, and ensure steady growth and development of not only the oil sector but the nation’s economy in general,” he stated.

Atiku described Indimi as a man who so much believes in the capabilities that exist in the Nigerian oil and gas industry.

“From onset of his foray into the nation’s oil sector, his vision of standing out as a player of reckon in the nation’s upstream oil business has been top-notch,” he noted.

Oriental Energy’s significant investment in the oil sector has set a new standard in local investment and operational excellence in the nation’s oil business, benefiting both the company and its partners.

The 40,000 barrels per day capacity facility constructed by the Singaporean firm HBA Future Energy will commence sailing to Nigerian waters beginning February 2025 for hook-up on the Okwok Oil Field. Production is expected to commence on the oil field in the first half of next year.

Okwok Oil Field, discovered by ExxonMobil in 1967, is located in Oil Mining Lease(OML) 67, in 31 metres water depth in shallow marine, southeast offshore Nigeria with estimated recoverable reserves of 45 million barrels. OER has an ongoing multi-well drilling campaign on the field that commenced in October 2023.