Nigeria dey prepare to boost its oil production with the introduction of a new Floating Production, Storage and Offloading (FPSO) facility. According to Minister of State for Petroleum Resources, Timipre Lokpobiri, dis FPSO project go increase crude oil production by over 40,000 barrels per day.
Lokpobiri explain say dis project na part of broader efforts to revitalise Nigeria’s oil sector, following President Bola Tinubu‘s directive to increase oil production. He say dis increase in production go drive economic growth and help stabilize Nigeria’s economy.
The FPSO project, which is a result of the minister’s engagement with the Nigerian National Petroleum Company Limited (NNPCL), is aimed at enhancing the country’s oil output and reducing reliance on imported oil products. Dis move also align with the ongoing efforts to optimize Nigeria’s oil resources and improve the overall energy sector.
In another related development, Dangote Group, owners of the Dangote Refinery, also plan to start crude oil production at their two Nigerian oil assets in the fourth quarter of 2024. Dis production, which will start at around 20,000 barrels per day, will further support the country’s crude supply and help the refinery to supplement its feedstock after months of challenges.
