Tinubu to Commission $400m Rivers Oil Export Terminal, Nigeria’s First in 50 Years
President Bola Ahmed Tinubu will on October 8 inaugurate the $400 million Otakikpo Onshore Crude Oil Export Terminal in Rivers State, marking Nigeria’s first new crude export facility in over five decades. The project, built by Green Energy International Limited (GEIL) in Ikuru Town, Andoni Local Government Area, is the first wholly indigenous onshore terminal since the Forcados Terminal was launched in 1971.
The commissioning is expected to draw top government officials, including the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, Rivers State Governor Siminalayi Fubara, and industry leaders. According to GEIL, the project aligns with President Tinubu’s agenda to expand crude production, strengthen energy infrastructure, and tackle long-standing evacuation challenges that have hampered Nigeria’s output targets.
With an initial storage capacity of 750,000 barrels—expandable to three million, and a loading capacity of 360,000 barrels per day, the Otakikpo terminal promises to slash production costs and serve as a vital outlet for over 40 stranded oil fields. Industry experts say this could unlock millions of barrels of crude that were previously trapped, boosting indigenous producers and improving Nigeria’s chances of meeting its three million barrels per day production goal.
Describing the facility as “game-changing national infrastructure,” GEIL Chairman Professor Anthony Adegbulugbe said the project is not only a storage solution but also a lifeline for marginal oil field operators. “What we have achieved here is a pathway for about 40 stranded oil fields to finally contribute to the economy,” he said. The company emphasized that the project reflects the resilience and innovation of Nigeria’s indigenous energy firms.
The inauguration also highlights renewed government efforts to restore investor confidence in the oil and gas sector, which has struggled in recent years with pipeline vandalism, oil theft, declining reserves, and rising operational costs. For many stakeholders, the Otakikpo terminal represents a milestone in energy self-reliance and a signal that Nigeria is ready to modernize its oil infrastructure while creating growth opportunities.
source: punch