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, Vanguard reports.
Investigations 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 production of 200,000 bpd will start in January for storage in the FPSO. Within the first two weeks, we will have the first one million bpd ready for export. Egina is a very big project that will make much impact on all stakeholders and Nigeria’s economy. The floating production storage and offloading unit, that was constructed in South Korea has already arrived Nigeria. This facility is important as it will enable us to store the product for export.”