• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 12 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 5 hours EU to Splash Billions on Battery Factories
  • 9 hours U.S. Shale Oil Debt: Deep the Denial
  • 17 hours The Balkans Are Coming Apart at the Seams Again
  • 2 hours Owning stocks long-term low risk?
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 5 hours The Dirt on Clean Electric Cars
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 19 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 12 mins The end of "King Coal" in the Wales
Why Crypto Miners Are Paying Attention To The Permian

Why Crypto Miners Are Paying Attention To The Permian

The Permian is literally burning…

Total’s $16B Ultra-Deepwater Project In Jeopardy

Nigeria oil

Nigeria’s Senate has expressed concern that the US$16-billion ultra-deepwater project that France’s Total is developing will not bring any money benefits to Nigeria’s economy, Senator Solomon Adeola said on Monday.

Total is developing the Egina oil project around 130 km (81 miles) off the coast of Nigeria and considers it one of its flagship and one of its most ambitious ultra-deep offshore projects. Total is the operator of Egina and its partners in the venture are CNOOC and Petrobras Sapetro. Egina is slated for start date in 2018 and is planned to have a production capacity of 200,000 bpd of oil next year. According to Total, 34 percent of the equipment for the project and platforms is expected to be produced in Nigeria.

Now a Senate committee is questioning the contribution to Nigeria the project will have, and has given one week to Total Upstream Nigeria Limited, TUNL, to provide more details on how Egina will benefit Nigeria, Senator Adeola said in a statement via his media advisor.

Related: Don’t Count On A Utah Shale Boom

The Senate also asks the Nigerian unit of Total to provide evidence of taxes it has paid, personnel employed, expatriate quota, salaries of local and foreign staff, and records of how much locally produced items such as pipes or plastics it has used for the Egina project.

“For the next 25 years, Nigeria may not get any benefit from this huge project at all as by law relating to the depth of the offshore Floating Production Storage and Offloading (FPSO) even royalty will not be paid to Nigeria within the period,” Senator Adeola said.

According to Adeola, the Egina project is the first of its kind in the Nigerian oil industry, and it is important to ensure that the country will derive the maximum benefits from it, considering that there are two other projects coming on stream.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News