Total Nigeria gives update on Egina, targets 23% of total daily output

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Egina Project
Total SA's $4 billion-worth Egina

Total Nigeria’s Deputy Managing Director in charge of Deepwater District, Mr Musa Kida, stated yesterday in Abuja that once completed, the company’s Egina project is expected to contribute some 200,000 barrels of crude to the country’s total daily output.

Mr Kida was speaking during the second Nigeria International Petroleum Summit when he made the comment.

Bua group

He also used the opportunity to give update on the project, stating that Total’s commitment to local content development had informed the decision to use 77% local manpower and some 60,000 tonnes of locally fabricated equipment.

Now, with the integration of about six locally fabricated top side modules coupled with drilling records, the Egina Project has achieved great feats in the African oil and gas scene, Kida claimed.

“With Egina, Total will be operating about 23 per cent of the national production and we are proud to be significant contributors in securing Nigeria’s oil and gas future. Egina set unprecedented records of local content and capacity building.

“For us, Egina stands as a great testament to Total’s commitment to Nigeria and our determination to support and advance local content development. 77 per cent of man-hours worked on the project was done locally with 60,000 tons of equipment fabricated in Nigeria by local contractors. In addition to drilling records and integration of six locally fabricated top side modules in Lagos, the Egina project achieved the first for Nigeria and Africa.”

Total’s Egina Floating Production Storage Offloading (FPSO) Project, which is said to be valued at about $4 billion, is being constructed by Samsung Heavy Industries of Korea (SHI).

Recall that in September, Nairametrics reported that trouble was looming for the Egina project following the banishment of Samsung Heavy Industries of Korea from the Ladol Free Trade Zone in Lagos.

Earlier, a leading Nigerian social accountability body, Connected Development (CODE), had called on the Government to investigate alleged corrupt practices which somewhat involved the Egina Project.

Note that Total Nigeria Plc is a leading player in the Nigerian oil and gas sector. The company’s Q3 2018 financial statement put revenue at N226.9 billion as against N221.1 billion in Q3 2017. Profit after tax for the period also increased to N7.6 billion compared to N5.9 billion in Q3 2017.

The company’s stock is trading at N223.30 on the NSE.

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