• Tuesday, March 19, 2024
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Total to begin export from Egina oil field in February

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As Organization of Petroleum Exporting Countries (OPEC) and allied members unveils new plans for production cuts to reduce an oil glut, France’s Total is poised to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd which could double in the following months.

Quoting a copy of a loading program for the new grade it had seen, Bloomberg reported that Shipments of Egina crude from the floating storage production offshore (FSPO) vessel have been scheduled for February.

The extra supplies will arrive at an awkward moment for an oil market that’s seen prices for benchmark Brent and West Texas Intermediate grades plunge by more than $30 a barrel since early October.

The timing of the new field start-up coincides with the OPEC and non-OPEC production cuts, from which Nigeria wasn’t spared this time around. The report of start of exports also comes as oil prices continue to be depressed by market fears that the cuts may not be enough to erase the oversupply, especially if fears of slowing global economic growth materialize.