KEY POINTS
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Tinubu will inaugurate a $400 million indigenous crude oil terminal.
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The terminal could unlock more than 40 stranded fields.
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Storage capacity starts at 750,000 barrels with plans to expand.
President Bola Tinubu will commission a $400 million indigenous crude oil terminal in Rivers State next week, marking Nigeria’s first new onshore export facility in over 50 years.
The Otakikpo Onshore Crude Oil Export Terminal, built by Green Energy International Limited (GEIL), sits in Ikuru town, Andoni Local Government Area, and serves the Otakikpo field in Oil Mining Lease 11. The last comparable facility, the Forcados Terminal, was inaugurated in 1971. Tinubu is scheduled to lead the inauguration ceremony on October 8, joined by senior government officials, industry leaders, and international stakeholders.
Indigenous crude oil terminal offers new capacity
GEIL’s Executive Director of Legal and Corporate Services, Olusegun Ilori, said the project reflects Tinubu’s focus on increasing crude output while lowering costs for producers. With Nigeria aiming to hit three million barrels per day, industry operators see evacuation bottlenecks as one of the biggest hurdles.
The Otakikpo terminal is designed to ease this challenge by providing a new evacuation outlet. Its initial storage capacity stands at 750,000 barrels, with potential expansion to three million barrels. Daily loading capacity is projected at 360,000 barrels, creating a lifeline for over 40 stranded oil fields that have struggled to move crude to market.
Oil sector banks on stranded fields revival
According to Punch, Professor Anthony Adegbulugbe, chairman and chief executive of GEIL, described the facility as a turning point for Nigeria’s energy infrastructure. He noted that the project not only provides a storage solution but also gives indigenous operators an opportunity to contribute significantly to the economy.
The terminal’s launch comes at a time when the federal government is seeking to reassure investors amid declining production, pipeline vandalism, theft, and rising operational costs. By offering a reliable export hub for local producers, the project underscores efforts to restore confidence in Africa’s largest crude supplier.
