Egina crude to debut on international market in February

CRUDE OIL PRO DUCTION from Total’s new oil field, Egina seems to be progressing nicely as the Egina crude has hit the international oil market amid muted spot activity due to the Christmas holiday period.

Ibe Kachikwu, Minister of state for petroleum resources last month said that production from the offshore field would begin in the first quarter of 2019 and is scheduled to produce between 200,000 barrels per day to 250,000 barrels per day.

Reuters reported that the Egina crude from the deepwater Egina oilfield has been added to the February loading programme. Total, China’s CNOOC and state oil firm, the Nigerian National Petroleum Corporation (NNPC), will each have a cargo of Egina in February, traders said. No offers have yet been seen.

The Egina crude is being produced via the multi- billion dollar Egina floating production and offloading (FPSO) vessel which arrived the country in January this year from South Korea, where it was constructed.

In another development, Nigeria’s oil marketing firm MRS also issued sell tenders for cargoes of two other Nigerian crude grades. Reuters also reported that the oil marketing company MRS issued a sell tender for a cargo of Forcados and Amenam, both loading in February.