TOTAL SA announced Jan. 2 that the Egina field started production offshore Nigeria in late December 2018.
The field is located 1,600 meters of water depths and 150 kilometers offshore Nigeria. It will produce 200,000 barrels of oil per day at its peak, which represents about 10% of Nigeria's total production.
The startup was achieved 10% below the initial budget, amounting to more than $1 billion of capital expenditure savings. Drilling time was also reduced by 30%.
The project features the largest floating production storage and offloading unit built by Total, which is the operator.
Total Upstream Nigeria Ltd. has a 24% stake in the field in partnership with the Nigerian National Petroleum Corp., while South Atlantic Petroleum Ltd. holds a 15% interest, CNOOC Ltd. unit CNOOC E&P Nigeria Ltd. owns 45% and Petróleo Brasileiro SA - Petrobras subsidiary Petrobras Oil & Gas BV has a 16% stake.
The Egina field was discovered in 2013 and is the second development in production on the Oil Mining Lease 130 block following the Akpo field that started production in 2009. The Preowei field was also discovered in the block and is slated for an investment decision in 2019.