The 200,000 barrels per day Egina oil project which encompasses a 330 metre long Floating Production Storage and Offloading (FPSO) platform designed to process oil from the field from December 2018, would be completed with about $603 million below its original budget of $16.354 billion, the Managing Director of Total Exploration and Production Nigeria Ltd. (TEPNG), Mr. Nicolas Terraz, has disclosed. Terraz, who spoke during a public hearing of the Senate Ad-hoc Committee investigating the local content elements of Egina oil field project on Tuesday in Abuja, explained that the initial budget established in 2013 for the Egina project was $16.354 billion, but that after extensive cost optimisation by Total and its partners, this figure was revised downwards to $15.751 billion in May 2013. He stated that a Final Investment Decision (FID) on the project located in Oil Mining Lease (OML) 130 in the Niger Delta region […]