Total Begins Production from Egina Oil Field
Oil and gas giant, Total, Wednesday said it has started production from the Egina Oilfield which is about 1,600 metres of water depths and 150 kilometres off the coast of Nigeria.
This was disclosed by the President of the company, Mr Arnaud Breuillac, who added that the Egina Field is expected to produce 200,000 barrels of oil per day, representing about 10 per cent of Nigeria’s production.
In a statement, Breuillac said the Floating Production Storage and Offloading (FPSO) unit used in developing the field has so far remained the largest built by Total.
He said that six of the 18 modules on the FPSO were built and integrated locally, while 77 per cent of hours spent on the project were worked locally, reported News Agency of Nigeria.
According to him, the startup had been achieved close to 10 per cent below the initial budget, adding that this represents more than one billion dollars of capital expenditure savings.
He explained that this was due to drilling performance with the drilling time per well reduced by 30 per cent.
According to him, “Egina will significantly boost the group’s production and cash flow from 2019 onwards.
“It will benefit from our strong cost reduction efforts in Nigeria where we have reduced our operating costs by 40 per cent over the last four years”
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