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Nigerian President Bola Tinubu is scheduled to inaugurate the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, an event notable for being the first new crude export facility built in Nigeria in over five decades.
Green Energy International Limited (GEIL), operators of the Otakikpo field in OML 11, Ikuru town, Andoni Local Government Area, developed the terminal, which stands as Nigeria’s first wholly indigenous onshore crude export facility.
The last comparable project, the Forcados Terminal, began operations in 1971.
GEIL’s Executive Director of Legal and Corporate Services, Olusegun Ilori, said the terminal plays a pivotal role in President Tinubu’s energy agenda to boost crude production and address persistent evacuation bottlenecks.
“This project represents a vital piece of infrastructure that strengthens the administration’s pledge to increase output while cutting costs,” Ilori stated.
The ceremony will attract key figures, including the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, Rivers State Governor Siminalayi Fubara, and leading stakeholders from the oil and gas industry.
The new facility will provide a crucial evacuation route for more than 40 previously stranded oil fields, unlocking millions of barrels of crude that remained untapped due to logistical and infrastructural challenges.
With an initial storage capacity of 750,000 barrels — expandable to 3 million barrels — and a daily loading capacity of 360,000 barrels, the terminal will also help reduce production costs for local producers.
GEIL Chairman and Chief Executive, Professor Anthony Adegbulugbe, hailed the project as a “transformative national asset” that will allow previously inaccessible oil fields to make a significant contribution to national output.
The launch coincides with the Nigerian government’s broader efforts to restore investor confidence in Nigeria’s oil and gas sector, which has struggled with declining production, pipeline vandalism, oil theft, and rising operational expenses in recent years.
