Nigeria Breaks 50-Year Jinx: President Tinubu to Commission $400m Otakikpo Crude Oil Terminal
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President Bola Tinubu is set to commission the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, 2025, marking a significant milestone in Nigeria’s oil industry.
This facility, developed by Green Energy International Limited, is the first new crude export terminal built in Nigeria in over 50 years, with the last one being the Forcados Terminal commissioned in 1971.
The Otakikpo terminal is expected to be a game-changer for Nigeria’s oil sector, providing a reliable evacuation outlet for over 40 stranded oil fields and potentially unlocking millions of barrels of crude previously trapped underground. With an initial storage capacity of 750,000 barrels, expandable to three million barrels, and a loading capacity of 360,000 barrels per day, the facility will significantly reduce production costs for indigenous producers.
The inauguration is expected to attract top government officials, including the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, Rivers State Governor, Siminalayi Fubara, and key stakeholders across the oil and gas sector.
According to a statement signed by GEIL’s Executive Director of Legal and Corporate Services, Olusegun Ilori, on Thursday, stated that the terminal aligns with President Tinubu’s drive to boost crude oil production and address Nigeria’s long-standing evacuation challenges.
“This project is a strategic infrastructure that supports the administration’s commitment to raising output while reducing costs,” Ilori said.
Industry operators have consistently highlighted evacuation bottlenecks as a major obstacle to meeting the Federal Government’s production target of three million barrels per day.
The Otakikpo terminal is expected to serve as a lifeline to more than 40 stranded oil fields by providing a reliable evacuation outlet, potentially unlocking millions of barrels of crude previously trapped underground.
“With an initial storage capacity of 750,000 barrels, expandable to three million barrels, and a loading capacity of 360,000 barrels per day, the facility is also projected to reduce production costs for indigenous producers significantly”
Chairman and Chief Executive of GEIL, Professor Anthony Adegbulugbe, described the terminal as a “game-changing national infrastructure.”
“What we have achieved here is not just a storage solution, but a pathway for about 40 stranded oil fields to finally contribute to the economy,” Adegbulugbe said.
The commissioning 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.
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