Total, NNPC JV prepare for FID on new Ikike oilfield project

 

While speaking at the arrival ceremony of the Egina floating production storage offloading (FPSO) unit, at the Ladol Island fabrication complex, offshore Lagos, Mr. Nicolas Terraz, Managing Director, Total Upstream Companies in Nigeria, said that the final investment decision (FID) on the Ikike oil field project is the next focus of Total and NNPC, Vanguard reports.

 

He said, “We are working on a smaller project on our joint venture with NNPC. It is called the Ikike project. It is our next project. We have not started yet. We are studying security issues. We are working with NNPC to reach the FID. It is not exactly the same size of project as the Egina, but we will continue with NNPC and our partners, to grow activities for the benefit of the country.”

 

He however neither disclosed the cost of the project, nor the expected take off time. The Ikike field is in shallow water offshore Nigeria. It is located in the eastern part of Oil Mining Lease (OML) 99. The company is said to have signed a high level cash call exit with Nigeria’s NNPC which means that the Ikike project will be funded outside of the Nigerian official budget.

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