Vice-President Kashim Shettima has reaffirmed the federal government’s support for initiatives to expand Nigeria’s hydrocarbon exploration, storage and refining.

Mr Shettima said this at the inauguration of 315 million floating production, storage and offloading vessel on Saturday in Dubai, United Arab Emirates. Nigeria’s Oriental Energy Resources Ltd owns the vessel.

The FPSO vessel, with a storage capacity of one million barrels, will kick off with an initial production of 17,000 barrels per day before increasing its production capacity to 30,000 per day.

It is expected to depart for Nigeria in Q1 2025 and start production at the Okwok Oil Field in the first half of 2025.

Mr Shettima noted that the FPSO vessel symbolised a future where Nigerian ingenuity met global standards. He described the facility as more than just a maritime infrastructure project, adding that it was a pointer to the success of Mr Tinubu’s reforms in the sector as well as Nigeria’s growing global influence.

According to him, what sets Nigerians apart is not merely the audacity of their ambition, but their unique understanding of where the world is headed.

According to him, the vessel is a critical link in Nigeria’s ambition to optimise productivity.

He commended Mohammed Indimi, the executive chairman of Oriental Energy Resources Ltd., for his remarkable contributions to the industry.

Mr Shettima pointed out that the UAE demonstrated what could be achieved when natural resources were leveraged effectively.

Governor Babagana Zulum commended the vision and tenacity of the chairman of Oriental Energy Nigeria. Mr Zulum said Indimi’s investment would stimulate economic growth, create job opportunities for many Nigerians, and ensure steady growth and development of the nation’s economy.

(NAN)