Total’s Floating Vessel for $16billion Egina Field to Arrive Nigeria April 2017

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Multinational oil company, Total , has said the 200,000 barrels per day capacity Floating Production Storage Offloading, , vessel for its $16 billion Egina deepwater field will arrive Nigeria in March or April 2017.

The FPSO is being built by Samsung Heavy Industries of Korea at a cost of $3.3 billion, while the entire Egina field development project, including the FPSO will cost $16 billion.

The Deputy Managing Director of Total E & P in charge of Deepwater District, Mr. Ahmadu-Kida Musa, who spoke to newsmen during a recent facility tour of the company’s facilities in Port Harcourt, Rivers State, said Egina was the company’s next deepwater field in development phase after the discovery in 2003 and the signing of the Final Investment Decision (FID) in 2013.

Mr. Musa stated that the company’s target is to produce 200,000 barrels per day of crude oil from the Egina by 2018.
He said the development of Egina by Total and the Nigerian National Petroleum Corporation (NNPC) at a critical time when most other companies were not willing to invest, was a demonstration of Total’s boldness.

According to him, for Total to embark on such $16 billion project when other companies were not willing, showed the company was confident in Nigeria’s operating environment.

He said the Egina project is about 54 per cent completed with 11 wells drilled – seven oil producing wells and four water injection wells.

Musa also revealed that a lot of the fabrication work for Egina field, which is located two kilometers into the waters, had been completed by Saipem, Nestoil, Nigerdock, Dorman Long and Aveon.

“Egina is the next field on development phase. It was discovered in 2003 with FID taken in 2013. It is in the same environment with Akpo in the same Oil Mining Lease (OML) 130. For Total to sanction $16 billion project when nobody was willing to invest shows the company’s boldness. Total committed hundreds of millions of dollars without guarantee. Egina FPSO is one of the largest in the world. Sometime in March or April 2017, the Apapa Wharf will be blocked when the 300 metres FPSO will come into the country,” Musa explained.

According to him, 70 per cent of the project is local content, adding that “the framework of Egina is always local content.”

(Bizwatch)

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