The Egina Project
- Cost: $16 billion (estimate)
- Timeframe: 2014-2018 (first oil production)
- Location: Nigeria
Oil is the main source of income for Nigeria and has already provided a huge boost to the Nigerian economy. One of the main partners for Nigeria is Total the French based energy company.
Total has been developing an ultra-deep offshore operation in the Egina oilfield, 130 km off Nigeria’s coast, in a development that could substantially increase Nigeria’s oil revenues and production output.
Total’s Egina oil Field has been literally in development since December 2014, the company have been responsible for some of the deepest sea drilling within the country.
Total will now ship a Floating Production Storage Offloading vessel (FPSO) to the Egina Field in around April 2017, and the first barrels of oil could very well be produced by the end of that same year.
Once production hits full maximum output, Total expects peak capacity to be around 200,000 barrels of oil per day.
Total has been operating in Nigeria for over 50 years, setting record production levels in 2012 of 279,000 barrels per day.
The Egina Project alone could nearly double Total’s Nigerian output and will establish the French company as the region’s top oil producing company by far.