•Says $400m Otakikpo terminal to unlock 3bn barrels of stranded reserves

Green Energy International Limited (GEIL) has signaled its readiness to collaborate with the Nigerian National Petroleum Company Limited (NNPC) under the leadership of its new Group Chief Executive Officer, Bayo Ojulari, to develop five new onshore crude oil terminals across Nigeria.

In a statement yesterday, the firm stated that the strategic move was aimed at addressing critical infrastructure gaps and supporting the nation’s ambitious target of ramping up crude oil production to 3 million barrels per day by 2030.

GEIL said its studies revealed that without these additional terminals, Nigeria’s oil sector will struggle to achieve this production milestone set by the authorities.

“The research underscores the need for rapid decentralisation of onshore terminal and export infrastructure, emphasising that current evacuation methods are insufficient for handling the anticipated surge in output.

“The company’s recent success—the Otakikpo crude oil terminal—has set the stage for this transformative expansion. As Nigeria’s first indigenous onshore crude export hub in over five decades, Otakikpo boasts a 750,000-barrel storage capacity and a 360,000 barrels per day pumping capability. 

“The Otakikpo terminal, a $400 million investment, boasts a 750,000-barrel storage capacity and a 360,000 barrels per day  pumping capability, designed to unlock over 3 billion barrels of stranded oil reserves.

“Building upon this foundation, GEIL plans to invest $5.5 billion in five new terminals, strategically positioned to reduce reliance on vulnerable pipeline infrastructure,” the firm stated.

Chairman of GEIL, Prof. Anthony Adegbulugbe,  emphasised the urgency of expanding the nation’s terminal network, stating that until this is done, Nigeria’s crude oil production may remain constrained.

“A decentralised export system is essential for Nigeria to sustainably reach 3 MMBOPD by 2030. Without it, production constraints will continue to hinder economic growth and sector efficiency”.

Adegbulugbe emphasised the transformative impact of the Otakikpo terminal and the necessity of further infrastructure expansion to accommodate Nigeria’s growing production. He expressed the company’s unwavering backing for initiatives that will further help the country unlock its abundant hydrocarbons resources.

He stated: “We are committed to pioneering solutions that unlock Nigeria’s vast oil reserves and optimise crude export logistics.”

Industry stakeholders believe the proposed partnership with NNPC and Ojulari, will  potentially reshape Nigeria’s crude export landscape, even as negotiations continue and discussions  progress positively, with the imminence of a formal agreement.