The newly built Egina FPSO (Floating, Production, Storage and Offloading) facility worth $3.3 billion which is  is expected to bump Nigeria’s daily oil production by 200,000 barrels has left the shores of Lagos and is currently headed to the Egina oil field, situated in the Niger Delta.

The development, worth an estimated $16bn, and has been constructed to be in operation for 25 years is said to be the largest deep offshore investment that has been pursued recently. Production at the Egina oil field, located at Oil Mining Lease (OML) 130 is to be connected to 44 subsea wells expected with operations to start later in the year. The 200,000 barrel per day production amounts to 10% of the country’s total oil production.

The sail-away of the new FSPO, is a step in the right direction to completion;  and is set to set straight discrepancies in costs and accusations of misappropriation in the realization of the project majorly due to inflation and exchange rate variations.

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