Geil-operated Otakikpo Onshore Terminal Completes First Crude Export
Green Energy International (GEIL) reports that it has completed its first crude oil export from Nigeria’s Otakikpo Onshore terminal Nigerian observers.
The first shipment was promoted on June 8th, making it easier for burnt ships to be burned by shells transporting maiden cargo from the terminal at Otakikupo, Rivers State.
The Otakikpo terminal is reportedly Nigeria’s first privately constructed and managed land crude oil export terminal for over 50 years.
Geil Chairman Anthony Adegbulugbe said: “We are deeply grateful to all our partners and honour the dedication of our Indigenous technical teams who worked relentlessly to make this project come true. This is a moment of pride in Nigeria and a milestone for the African-owned energy company.”
The terminal currently has a storage capacity of 750,000 barrels and is equipped to handle 360,000 barrels (BPD) of exports per day.
Geil has plans to expand its storage capacity to 3 million barrels, the report says.
The early stages of the project included investments of more than $400 million (£295.34 million), with total development costs expected to exceed $1.3 billion.
Designed to accommodate up to 250,000bpd of crude oil, current production of the Otakikpo field is around 10,000bpd.
Geil noted that the terminal offers a strategic solution for evacuating crude oil from more than 40 close to closed oil fields.
The Otakikpo terminal is expected to boost Nigeria’s crude production, reduce its dependence on offshore terminals, and encourage new investments in the country’s oil sector.
As global demand for Africa’s crude oil increases, the terminals are poised to attract more investors’ interest and strengthen Nigeria’s position in the international energy market.
Geil emphasized that Otakikpo’s facilities are to play an important role in supporting crude oil evacuation and production growth, in cooperation with Nigeria’s long-term energy strategy.
“Geil-operated Otakikpo Onshore Terminal Completes First Crude Oil Export” was originally created and published Offshore Technologya brand owned by GlobalData.
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