Latest News Oil & Gas

FG Commends Total On Egina Project, Tasks OICs On Investment

The Federal Government yesterday commended Total Upstream Nigeria Limited’s (TUPNI’s) management for committing about USD16 billion (about N5.76 trillion) to the execution of the Egina project.

Giving the commendation during his visit to the 3.3 billion dollar Floating Production Storage Offloading (FPSO) vessel at the LADOL yard in Lagos, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, also called other International Oil Companies (IOCs) operating in the country to invest more in the upstream sector and  also improve on their local content development initiatives.

The minister said: “We are going to ensure more speed, good terms and ensure that oil companies get huge rewards. We will also ensure that local content continues to build capacity and effective service.

“I want to congratulate Total and its partners for their huge investment in Nigeria and fantastic piece and unique benchmark for six modules that are fabricated in Nigeria by Nigerians,’’ Kachikwu added.

He appealed to other IOCs to fast-track the execution of their ongoing projects so that they could help in creating jobs for millions of Nigerians, particularly the youths.

“The investment is key and huge, the president will be very happy about this economy’s development in Nigeria that engaged over 2,000 indigenous workers. The 200, 000 barrel per day production will also add value to the economic growth of the country’’, Kachikwu said.

In his remarks during the facility tour, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, who noted that Egina project had become a fulfilled dream for the country, urged the minister of state for petroleum resources to ensure timely approval of more projects in the hydrocarbon resources industry to boost the nation’s economic growth.

He said: “We appeal to other IOCs to ensure more projects are domiciled in Nigeria to create more jobs for Nigerians. We must ensure oil companies in Nigeria develop capacity building and effective local content development.”

The Managing Director, TUPNI, Mr Nicolas Terraz, thanked the Federal Government on its support towards ensuring that the projected is completed as scheduled.

He disclosed that work had commenced on the FPSO and would get to the integration of the six locally fabricated modules within the next six months.

Terraz projected that the integration of the six locally fabricated topside modules before its final sail-away to the Egina field would be strategic to the achievement of the key objectives of the nation’s local content development in the oil and gas industry..

According to him, explained that the Egina FPSO was designed to operate for 25 years and produce about 200,000 barrels of oil per day with the potential of generating significant activities for local contractors in various sectors as well as provide avenues for the training and development of Nigerians at all levels of upstream operations.

 

 

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *