Emerging major deepwater development in Nigeria, Egina oil field is expected to achieve first oil in the fourth quarter of 2018.
The floating facility is coming with a capacity to increase the nation’s oil production by 200,000 barrels per day.
According to Total Nigeria, the core investor, Egina Floating Production, Storage and Offloading (FPSO) vessel which is nearing completion, is planned to sail away from Samsung Heavy Industries yard in South Korea for Nigeria by the third quarter of this year and should be in Nigeria in the fourth quarter.
Managing Director and Chief Executive Officer, Total Upstream Companies in Nigeria, Mr. Nicolas Terraz, who dropped the hint to Business Hilights, said Total Group had invested $10bn in the Nigerian oil and gas sector in the last five years, with expertise and strong positions in the onshore, offshore and deep offshore.
He added further that the oil major is committed to Nigeria despite the volatility in the global oil and gas industry.
In his words at the Nigerian Annual International Conference and Exhibition organised by the Society of Petroleum Engineers in Lagos recently; “Our Egina field development, which is near completion, is expected to add 200,000 barrels per day to Nigeria’s output when it comes on stream in 2018”.
“Our industry is volatile; the world in a constant flux. And with our different backgrounds and perspectives, these sometimes constitute hurdles in the attainment of common objectives.
“In spite of this, Total is unflinchingly committed to the future of Nigeria. The company is present along the value chain from upstream to the downstream sector where Total is a leader, with close to 550 service stations across the length and breadth of Nigeria.”
Continuing, he said “Although the oil and gas business is a global one, we believe that the time has come for the SPE, other professional bodies in the industry and all other stakeholders to look inwards for home-made solutions that will help Nigeria cushion the effects and ride the wave of ups and downs, the good times and the bad times, in an increasingly unpredictable global market”.