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President Bola Tinubu has inaugurated the $400 million Green Energy International Limited (GEIL) crude oil export terminal at Otakikpo, Rivers State. This terminal is the first to be fully developed by an indigenous Nigerian company and the first new onshore terminal built in over 50 years 🇳🇬.
Key Achievements and Impact
Represented by the Minister of State for Petroleum Resources (Oil), the President described the project as a key achievement under his Renewed Hope Agenda, emphasizing its role in expanding energy infrastructure and deepening local participation.
* Evacuation Solution: The terminal will address a major challenge in the industry by serving GEIL and other operators in the region, aligning with the goal to ramp up production.
* Capacity: It has an initial storage capacity of 750,000 barrels, expandable to three million, enhancing Nigeria’s export efficiency and reducing pressure on aging infrastructure.
* Indigenous Empowerment: The terminal marks a turning point in Nigeria’s upstream oil landscape, ending the half-century domination by terminals built by international oil companies (IOCs).
* Future Growth: It’s expected to unlock over 40 stranded fields with estimated reserves exceeding three billion barrels, potentially adding over 200,000 barrels per day to Nigeria’s production.
The government also affirmed its commitment to resolving the Ogoni oil issues, noting that the new terminal will serve as a key evacuation point once production resumes there. Furthermore, the African Energy Bank, to be hosted by Nigeria, is set to become operational soon.
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