LunagisthubNigeria’s $400m Crude Oil Terminal: A Game-Changer for the Oil Industry
President Bola Tinubu is set to commission the $400m Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8. This terminal, developed by Green Energy International Limited, is the first new crude export facility to be built in Nigeria in over 50 years and is expected to boost crude oil production and address evacuation challenges.
The terminal has an initial storage capacity of 750,000 barrels, expandable to three million barrels.
The facility has a loading capacity of 360,000 barrels per day.
The terminal is projected to reduce production costs for indigenous producers significantly.The terminal will serve as a lifeline to over 40 stranded oil fields, providing a reliable evacuation outlet and potentially unlocking millions of barrels of crude previously trapped underground.
The terminal has been described as a “game-changing national infrastructure” by the Chairman and Chief Executive of Green Energy International Limited, Professor Anthony Adegbulugbe.
The commissioning of the Otakikpo terminal underscores the Federal Government’s renewed efforts to restore investor confidence in Nigeria’s oil sector, which has struggled with declining production, pipeline vandalism, oil theft, and rising operational costs in recent years. The terminal is expected to play a significant role in helping Nigeria meet its production target of three million barrels per day.
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