The Egina oil field, which is contained in water depths of about 1,600m, is expected to yield 200,000 barrels of oil per day at plateau. This would be equivalent to nearly 10% of Nigeria’s oil production.
Total said that the Floating Production Storage and Offloading (FPSO) used for developing the field – Egina FPSO with a weight of nearly 220,000 metric tons and dimensions of 330mx60m, is the largest it has ever built.
Production from the Nigerian oil field is achieved using a subsea production system connected to the FPSO, which is capable of holding 2.3 million barrels of oil.
The French oil and gas giant said that production at the Egina oil field has been achieved close to 10% under the initial budget, which represents over a billion dollars of CAPEX savings.
Total exploration & production president Arnaud Breuillac said: “Total is proud to deliver a project of this size under the initial budget and to contribute to the development of Nigeria’s oil and gas sector by generating employment as well as building industrial capability.
“Egina will significantly boost the Group’s production and cash flow from 2019 onwards, and benefit from our strong cost reduction efforts in Nigeria where we have reduced our operating costs by 40% over the last four years.
Breuillac revealed that there is an upside potential near the Egina oil field which is yet to be developed. The partners are particularly assessing a tie-back Preowei discovery to the existing FPSO.
Discovered in 2003, the Egina oil field is the second development in OML 130 to be brought on stream production after the Akpo field, which began production in 2009.
According to Total, the Preowei field is a large discovery well for which an investment decision is slated to be taken this year.
The French oil and gas major through its subsidiary Total Upstream Nigeria is the operator of OML 130 with a stake of 24%. Its partners in the block are Nigerian National Petroleum Corporation (NNPC) and South Atlantic Petroleum (SAPETRO) with a stake of 15%, CNOOC’s subsidiary CNOOC E&P Nigeria with a stake of 45% and Petrobras Oil and Gas with a stake of 16%.
