Nigeria: Total Starts Up Production of the Giant Egina Field
02 Enero 2019 - 4:35AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has started up production
on December 29, 2018 from the Egina field, located in around 1,600
meters of water depths, 150 kilometers off the coast of Nigeria. At
plateau, the Egina field will produce 200,000 barrels of oil per
day, which represents about 10% of Nigeria’s production.
The Floating Production Storage and Offloading (FPSO) unit used
to develop the giant Egina field is the largest one Total has ever
built. This project has also involved a record level of local
contractors. Six of the eighteen modules on the FPSO were built and
integrated locally, and 77% of hours spent on the project were
worked locally. Startup has been achieved close to 10% below the
initial budget, which represents more than 1 billion dollars of
CAPEX savings, due in particular to excellent drilling performance
where the drilling time per well has been reduced by 30%.
“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,” stated Arnaud
Breuillac, President Exploration & Production. “Furthermore,
some upside potential nearby remains to be developed and we are
studying in particular Preowei discovery tie-back to the Egina
FPSO.”
Initially discovered in 2003, the Egina field is the second
development in production on the Oil Mining Lease (OML) 130
following the Akpo field, which started-up in 2009. The Preowei
field is another large discovery made on this prolific block for
which an investment decision is scheduled for 2019.
Total Upstream Nigeria Limited operates OML 130 with a 24%
interest, in partnership with Nigerian National Petroleum
Corporation (NNPC), South Atlantic Petroleum - SAPETRO Ltd. (15%),
CNOOC E&P Nigeria Limited, a wholly owned subsidiary of CNOOC
Limited (45%) and Petrobras Oil and Gas BV (16%).
About Total in Nigeria
Total has been present in Nigeria for over 50 years, both in
upstream and downstream activities.
The Group’s production in the country was 267,000 barrels of oil
equivalent a day in 2017.
Total operates five production licenses (OML) on the 34 leases
in which the Group has interests (including two exploration
licenses).
In addition to OML 130 where the Akpo, Egina and Preowei fields
were discovered, Total operates other offshore assets such as OML
99 (40%) where the Ikike discovery is located, OML 100 (40%) and
OML 102 (40%) where the Ofon 2 project was completed in 2016.
Onshore, Total is the operator of OML 58 (40%) under its joint
venture with Nigerian National Petroleum Corporation (NNPC). The
Group is also developing Liquefied Natural Gas (LNG) activities
with a 15% stake in the Nigeria LNG Ltd company, which operates six
LNG liquefaction trains on Bonny Island.
In the downstream sector, Total operates in a leading position
with an extensive distribution network of over 550 service stations
nationwide and a wide range of top quality energy products and
services.
The Group is committed to working closely with its host
communities in Nigeria and is supporting many projects in the field
of health, education, infrastructure and economic development,
through its sustainable development and community relations
programs. With a diverse workforce of several nationalities and
cultures working together, Total is proud of its contributions to
the socio-economic development of Nigeria.
About Total
Total is a major energy player, which produces and markets
fuels, natural gas and low-carbon electricity. Our 100,000
employees are committed to better energy that is safer, more
affordable, cleaner and accessible to as many people as possible.
Active in more than 130 countries, our ambition is to become the
responsible energy major.
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
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