Nigeria to export 1m barrels of first oil from $16bn Egina project in January, 2019

There are indications that the coming on stream of the $16 billion Egina project will enhance the revenue profile of Nigeria and other stakeholders as plans have been concluded to export one million barrels in January, 2019.

Investigations by Vanguard over the weekend showed that with its 200,000 barrels per day, bpd output, the project will yield one million barrels for export within the first two weeks of production.

A top official of Total who confirmed the plan, but preferred not to be named said at the current $67.0 per barrel, the one million barrels will amount to $67 million (N20.0 billion), at the exchange rate of N305 per dollar.

He disclosed that: “The proceeds will benefit the major stakeholders – Total, that operates the project in partnership with the Federal Government through the Nigerian National Petroleum Corporation, NNPC, China National Offshore Oil Corporation, CNOOC; South Atlantic Petroleum Limited, SAPETRO and Petróleo Brasileiro S.A., Petrobras.

Vanguard, February 12, 2018

 

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