Oil production cost from Egina field put at $20 per barrel

 

The cost of producing a barrel of crude oil from the Egina oil field by the Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPNI) has been put at $20 per barrel, THISDAY reports.

 

The Group Operating Officer (GOO) Upstream of the NNPC, Mr. Rabiu Bello, disclosed this recently in his presentation at the public hearing organised by the Senate Ad-hoc committee investigating the local content elements of the 200,000 barrels capacity Egina Floating Production Storage and Offloading (FPSO) platform, in Abuja.

 

Bello, stated that estimates made by the parties indicated that at most, it will cost operators of the field $20 to produce a barrel of oil from it, noting that this was economical and profitable. Similarly, the Managing Director of TUPNI, Mr. Nicolas Terraz, stated in his presentation that upon its commencement of production later in 2018, the Egina project will contribute about 10 per cent of Nigeria’s total oil production.

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