Indimi invests $315m in offshore vessel to boost Nigeria’s oil production

Nigerian billionaire Muhammadu Indimi is making a bold move to strengthen the country’s oil production capacity with a $315 million offshore vessel.

Indimi’s company, Oriental Energy Resources Limited, has completed the sailaway ceremony of the EMEM Floating Production, Storage and Offloading (FPSO) vessel in Dubai.

The vessel, converted at Drydocks World shipyard, will serve as the main production hub for the Okwok field offshore Nigeria and is expected to arrive in Nigerian waters by late 2025.

Named in honour of the late matriarch of the Indimi family, EMEM is celebrated as the first fully funded and converted FPSO by a Nigerian indigenous company — a landmark achievement that drew several top officials to Dubai, including Minister of State for Petroleum Resources Heineken Lokpobiri, three state governors, and senior regulators.

The vessel can process up to 40,000 barrels of oil per day and store about 1 million barrels, initially handling production from five wells at Okwok. It will operate alongside Oriental’s existing facilities at the nearby Ebok field, enhancing the company’s offshore production portfolio.

Government officials have tied the project to the “Project One Million Barrels” initiative, aimed at restoring Nigeria’s crude output after years of underinvestment and operational challenges.

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During an inspection in Dubai, the head of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, said the EMEM FPSO would help the country achieve its production targets and pledged continued regulatory support.

For Indimi, the project represents both a symbol of confidence and a strategic expansion of Oriental Energy’s capabilities. Founded in 1990, Oriental holds interests in Ebok, Okwok, and OML 115, with a long-term goal of reaching 100,000 barrels per day. The Okwok field alone could eventually produce 30,000 barrels daily, according to company projections.

“This is more than a project milestone. It’s proof that Nigerian companies can successfully execute complex offshore developments,” said an Oriental engineer during the ceremony.

Lokpobiri described the vessel as “a statement of confidence in Nigeria’s petroleum industry,” adding that such investments were crucial for the country’s economic and developmental goals.

Once deployed, EMEM is expected to operate for at least 15 years, potentially transforming the Okwok field into a profitable venture.

If production targets are met and oil prices remain favourable, Indimi’s $315 million investment could become one of the most significant indigenous success stories in Nigeria’s offshore oil sector.

The Star