Nigeria to Export 1M Barrels of First Oil from $16bn Egina Project in January, 2019

SEATTLE (Oil Monster): There are indications that the coming on stream of the $16 billion Egina project will enhance the revenue profile of Nigeria and other stakeholders as plans have been concluded to export one million barrels in January, 2019.

Investigations by Vanguard over the weekend showed that with its 200,000 barrels per day, bpd output, the project will yield one million barrels for export within the first two weeks of production.

A top official of Total who confirmed the plan, but preferred not to be named said at the current $67.0 per barrel, the one million barrels will amount to $67 million (N20.0 billion), at the exchange rate of N305 per dollar.

He disclosed that: "The proceeds will benefit the major stakeholders - Total, that operates the project in partnership with the Federal Government through the Nigerian National Petroleum Corporation, NNPC, China National Offshore Oil Corporation, CNOOC; South Atlantic Petroleum Limited, SAPETRO and Petróleo Brasileiro S.A., Petrobras.

"Everything is moving according to plan. The floating production storage and offloading (FPSO), the largest ever installed in Nigeria (330-metres long), that was constructed in South Korea has already arrived Nigeria. Egina will certainly be completed towards the end of 2018.

"The production of 200,000 bpd will start in January for storage in the FPSO. Within the first two weeks, we will have the first one million bpd ready for export. Egina is a very big project that will make much impact on all stakeholders and Nigeria's economy.

"The floating production storage and offloading, FPSO, that was constructed in South Korea has already arrived Nigeria. This facility is important as it will enable us to store the product for export."

Courtesy: www.allafrica.com