Rivers State has become the first state in Nigeria to host a crude oil exporting terminal following the commissioning of the $400 million Green Energy International Limited (GEIL) Crude Export Terminal on Wednesday by President Bola Ahmed Tinubu.
President Tinubu stated that the project marks a new era in Nigeria’s oil and gas sector, aligning with his administration’s core priorities of boosting crude oil production and ensuring a secure, transparent, and efficient evacuation system.
He explained that the Otakikpo terminal will not only serve GEIL’s production but will also open new evacuation outlets for marginal and stranded fields across the Niger Delta region. This, he said, would result in a significant increase in reserve barrels and create greater economic value.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented the president at the event.
Tinubu emphasized that the project exemplifies his administration’s expectations of current licensees. He further noted that with the introduction of globally competitive fiscal frameworks and incentives, he expects operators to meet their minimum work obligations and ensure steady productivity.
In reference to the peace resolution between the people of Ogoni and the Federal Government, the President stated that the government is working hand in hand with local communities and stakeholders to pave the way for the proper resumption of oil exploration activities in the area.
Tinubu also described the project as a notable advancement, demonstrating Nigeria’s collective commitment to peacebuilding, collaboration, harmony, and good governance. He stressed that the project’s flag-off marks a renewed confidence in Rivers State and the Niger Delta region.
“Today’s commissioning is more than just the opening of a terminal; it is a testament to Nigeria’s resilience and commitment — a new era of indigenous participation and progress in the oil and gas sector,” he said.
Addressing the financing challenges in the oil and gas sector, President Tinubu declared the end of such an era, assuring that the proposed $5 billion African Energy Bank (AEB) would soon begin operations to provide easier access to funding.
“Let me also assure Green Energy that the era of seeking finance elsewhere will soon be over. We have discovered that Africa’s biggest challenge is access to finance, which is why we established the African Energy Bank, ready to take off.
Nigeria, as the host country, has met all its obligations — legal and financial — and we expect the bank to commence operations any moment from now,” he said.
The president also highlighted crude oil evacuation as a major issue, noting that the new 750,000-barrel facility, which is expandable to 3 million barrels, will help tackle existing challenges in the sector.
He warned against holding oil licenses indefinitely without carrying out meaningful fieldwork, emphasizing that “the era of idle licenses is over.”
“There is always a minimum work obligation, and it must be met by all who hold marginal licenses. If you lack the capacity to deliver, it’s better to seek other ventures rather than waste time in the oil and gas sector,” he cautioned.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, described the terminal as historic on two fronts: it expands Nigeria’s crude export infrastructure at a critical time and showcases the ability of Nigerian operators to deliver world-class projects.
Komolafe noted that the Otakikpo terminal aligns with Nigeria’s 1.8 million barrels per day production target and supports the country’s drive for efficient crude evacuation. He added that creating an alternative export hub in Rivers State would reduce over-reliance on existing terminals, many of which are operating at near-full capacity and are vulnerable to security and pipeline disruptions.
Commending indigenous operators Komolafe stated that they now account for 30 per cent of national production, a milestone that reflects Nigeria’s growing control of its oil and gas industry. He further observed that the Otakikpo terminal has transformed local operators’ dependence on international oil companies, granting them greater control over evacuation, improving margins, reducing delays, and enhancing competitiveness.
Prof. Anthony Adegbulugbe, Chairman and Chief Executive of GEIL, stated that the terminal currently has a storage capacity of 750,000 barrels, expandable to 3 million barrels, with a pumping capacity of 360,000 barrels per day. He also disclosed that since June 2025, the facility has completed four export operations totaling one million barrels of crude oil.
Adegbulugbe described the terminal as a catalyst for national renewal, unlocking access to over 40 stranded fields in the region, and more than 3 million barrels of reserves previously delayed by the lack of export infrastructure. According to him, these fields alone could contribute over 200,000 barrels per day to Nigeria’s total production.
He expressed pride in the project’s indigenous origin and execution:
“This should give us all confidence — Nigerian innovation can drive Nigerian success. Indigenous operators can execute world-class projects with excellence, within budget, and ahead of schedule,” Adegbulugbe said.
By Miracle Chidinma Amaechi
