Nigeria’s First Private Crude Terminal Completes Maiden Export After 50 Years
In a groundbreaking development that could reshape Nigeria’s oil industry, Green Energy International Limited has successfully completed the first crude oil export from its newly constructed Otakikpo onshore terminal. The historic export was finalized at approximately 2pm on Sunday, June 8, when a Shell-chartered vessel lifted the maiden crude cargo from the terminal located in Rivers State.
This marks the first privately built and operated onshore crude export facility in Nigeria in over five decades, representing a seismic shift in the country’s energy infrastructure. The terminal boasts an initial storage capacity of 750,000 barrels with potential expansion to three million barrels and features a 360,000 barrels-per-day pumping capacity.
Professor Anthony Adegbulugbe, Chairman of GEIL, described the achievement as “a historic feat” and “a proud moment for Nigeria and for African-owned energy ventures.” The company invested over $400 million in the initial phase, with full development expected to exceed $1.3 billion.
The facility is strategically positioned to provide evacuation options for over 40 nearby stranded oil fields estimated to hold more than three billion barrels of oil equivalent, potentially revolutionizing Nigeria’s crude output and reducing reliance on offshore terminals.
Source: Punch Nigeria