French oil major, Total and the Nigerian National Petroleum Corporation (NNPC) as well as their project partners will launch Egina crude at this year’s Asia Pacific Petroleum Conference (APPEC) in Singapore later this month.
This was contained in a copy of an invitation to the conference on Wednesday, Reuters reports.
The Singapore’s APPEC, scheduled to hold between September 24 – 26, is one of Asia’s biggest annual petroleum industry gatherings, during which producers, refiners and merchants sign and renew supply deals and exchange information.
Last month, a $3.3 billion worth Egina Floating Production, Storage and Offloading (FPSO) had sailed from LADOL Island in Lagos to its oil field located in Oil Mining Lease (OML) 130 located some 130 kilometers off the coast of Nigeria at water depths of over 1,500 meters.
The oil field was projected to raise Nigeria’s crude oil production by 200,000 barrels per day, an approximate of 10 percent of the country’s total oil production output, when it comes on stream in December.
The project, built by Samsung Heavy Industries of Korea (SHI) for the Egina oil field was primarily operated in Nigeria by the global oil giant, Total, at a cost of $16 billion.
In October last year, the Egina FPSO had sailed from the quayside at Samsung Yard in Geoje, South Korea, before arriving at the Samsung Yard (SHI-MCI FZE quayside) in Lagos in January 2018.
Thereafter, it was fabricated and integrated locally at the yard by Samsung Heavy Industries Nigeria Limited to accelerate the pace of Nigeria’s industrial fabric, transfer of technology and make the nation the hub of FPSO integration in Africa.
The FPSO, weighing close to 220,000 metric tons and measuring 330 meters long by 60 meters wide, is reputed as the largest ever built by Total.
Also, Saudi Arabia’s state-owned oil giant Aramco will team up with South Korean refiner S-Oil Corp for a joint reception at the conference, according to two industry sources.
Aramco became the single largest shareholder of S-Oil in January 2015, part of its drive to expand its footprint in the downstream petroleum sector and establish commercial offices in global oil trading hubs like Singapore.