Nigeria: Senate Commends Total’s $16bn Investment In Oil Sector

The Chairman Senate Ad hoc Committee on Local Content, Mr Solomon Adeola, has commended the management of Total Upstream Nigeria Limited on its $16bn (N5.76tn) Egina project in Nigeria, NAN reports.

Adeola, who gave the commendation during the committee’s oversight function in Lagos on Friday, promised total support for the local content development initiative.

Mr Nicolas Terraz, the Managing Director of TUPNI, appreciated the committee’s support and encouragements toward ensuring that the projected was completed on schedule.

The Total upstream boss said several technological feats had been recorded by the various entities involved in the project.

“Egina is the deepest offshore development carried out so far in Nigeria, with water depths over 1,500 meters,’’ he said.

Terraz explained that the EGINA FPSO was designed to operate for 25 years and produce about 200,000 barrels of oil per day.

He said the Egina operations would generate significant activities for local contractors in various sectors and would continue to provide avenues for the training and development of Nigerians in various domains.

Egina is the largest investment project currently ongoing in the oil and gas sector in Nigeria.