$315m FPSO: Senator Wadada Attributes Feat To PIA, Enjoins Other Block Owners To Emulate Ndimi
By Juliet Vincent
Senator Aliyu Ahmed Wadada (SDP, Nasarawa West) has attributed the recent commissioning of the $315 million Floating Production, Storage and Offloading (FPSO) vessel owned by Oriental Energy led by Alhaji Muhammadu Ndimi to the signing into law of the Petroleum Industry Act (PIA) of 2021.
Senator Wadada equally enjoined other oil block owners in the country to emulate OriOriental Energy with a view to futher develop the oil industry and make it more productive.
The lawmaker, who doubles as the Chairman, Senate Committee on Public Accounts, made this known on the sidelines of the commissioning in Dubai on Saturday.
The Petroleum Industry Act (PIA) of 2021 is the primary law that regulates the oil and gas industry in Nigeria. The PIA was created to establish a legal, regulatory, governance, and fiscal framework for the industry.
While commending Alhaji Ndimi for the feat, Wadada enjoined other block holders to emulate Oriental Energy.
“I’m extremely happy and fulfilled that this has happened. We pray and hope more of this will happen. This is all as a result of enabling environment. From the angle of legislature, I will be proud to say the PIA made this possible,” he said.
Wadada applauded the enabling environment provided by the PIA that is enabling a private sector player like Ndimi to achieve such a feat.
“It is quite commendable for a private sector player to have achieved what Oriental Energy under the stewardship of Alhaji Muhammadu Ndimi has achieved. Kudos to him and I enjoin other block owners to emulate Alhaji Ndimi so that the environment will be much more enabling and productive,” he added.
Recall that, Vice President Shatima who represented President Bola Ahmed Tinubu, performed the commissioning and naming ceremony of the $315 million FPSO vessel in Dubai, United Arab Emirate.
Experts say this development is a significant milestone for President Tinubu’s oil sector reforms, particularly in boosting Nigeria’s oil production capacity.
The FPSO vessel, with a storage capacity of one million barrels, will commence with an initial production of 17,000 barrels per day, which is expected to increase to 30,000 barrels per day (bpd). The vessel is scheduled to depart for Nigeria in Q1 2025 and begin production at the Okwok Oil Field in the first half of the year.
This facility represents more than just a maritime infrastructure project; it stands as a testament to the success of President Tinubu’s reforms in the oil sector and Nigeria’s expanding global influence.
