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Total defends $16bn Egina FPSO, assures production from Q4 2018

Contrary to objections by the National Assembly that the total cost of Total Upstream Nigeria Limited’s (TUPNI), Egina Floating, Production, Storage and Offloading unit (FPSO), the company has argued that the rising cost differentials’ between 2003 and now are due to forex instability and general rise in fabrication cost.

The company also revealed that even though the platform has left Samsung Heavy Industry Ship Building Yard in Korea and on its way to Nigeria, it is expected to be completed before the end of 2018 as more integration and local fabrication works are needed to be done before effective take off of production at Egina.

Business Hilights recalls that Egina was discovered by in 2003 within the Oil Mining Licence 130 (OML 130), some 200 kilometres south of Port Harcourt, Rivers State, and reputed as the largest investment project currently ongoing in Nigeria’s oil and gas sector.

In a statement weekend, Total averred that the project having left construction yard in Korea and its way back, can be said to have attained 88 per cent delivery.

Industry analysts say the Egina field upon completion will boost Nigeria’s oil production by 200,000 barrels per day or approximately 10 per cent of its total oil production, is being developed by TUPNI in partnership with NNPC, CNOOC, SAPETRO and PETROBRAS.

Total said “Being the first major deepwater development project launched after the enactment of the Nigerian Oil & Gas Industry Content Development (NOGICD) Act of 2010, Egina has the highest level of local content of any such project in Nigeria.

The company listed some of the local content milestones to include the Egina FPSO, a 330-meter long vessel designed to process oil and gas from the field, will be berthed at the quayside in Nigeria for integration of locally fabricated modules – a first for Nigeria; and it is the highest number of FPSO topside modules (six) to be fully fabricated and integrated in Nigeria.

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