President Bola Tinubu will commission the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State on October 8, 2025. This terminal is significant as it’s the first new crude export facility built in Nigeria in over 50 years, marking a major milestone in the country’s oil industry.
Key Features of the Terminal:
– Location: Ikuru Town, Andoni Local Government Area of Rivers State
– Storage Capacity: Initial storage capacity of 750,000 barrels, expandable to 3 million barrels
– Loading Capacity: 360,000 barrels per day
– Purpose: Serve as an evacuation hub for over 40 stranded oil fields, unlocking millions of barrels of crude oil
Impact on Nigeria’s Oil Industry:
– Boost Oil Production: Help Nigeria achieve its oil production target of 3 million barrels per day
– Reduce Production Costs: Lower evacuation costs and minimize disruptions linked to pipeline vandalism and theft
– Increase Investor Confidence: Signal a shift toward greater local ownership and control of key export infrastructure
The terminal was developed by Green Energy International Limited (GEIL) and is expected to attract stakeholders from the energy sector, government, and international investment community.
