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 by Renzo Pipoli Washington (UPI) Jan 2, 2019
France-based Total said Wednesday it started production in the Egina field in offshore Nigeria which will eventually reach 200,000 barrels of crude oil per day. The new production, which will represent 10 percent of Nigeria's total output, came after Egina deployed its largest floating platform ever built to develop the field, which is located 93 miles offshore Nigeria's coast at a 5,250-feet water depth, the company said on Wednesday. "Some upside potential nearby remains to be developed and we are studying in particular Preowei discovery tie-back to the Egina FPSO," said Arnaud Breuillac, who heads Total's exploration and production activities. "The Preowei field is another large discovery made on this prolific block for which an investment decision is scheduled for 2019," Total said. Total said the project stood out because of "excellent drilling performance" that allowed the company to save $1 billion, or 10 percent of the initial budget. Egina was initially discovered in 2003 and is the second development in production on the Oil Mining Lease 130 following the Akpo field, which was started in 2009, the company said. Total's production in the country was 267,000 barrels of oil equivalent a day in 2017. Total's global production as of the end of the third quarter was 2.8 million barrels of oil equivalent per day, an 8.6 percent year-over-year increase.
Crude oil prices rise after EIA report alleviates buildup concerns Washington (UPI) Jan 01, 2019 Crude oil prices rose early Monday in the last trading session of the year ahead of the New Year's holiday, helped in part by reports on Friday by the Energy Information Administration showing a lower crude inventory build than what the American Petroleum Institute had indicated a day earlier. West Texas Intermediate front-month crude oil future prices rose 2.1 percent to $46.26 per barrel as of 8:20 a.m. EST, while Brent crude oil futures rose 2.4 percent to $54.50 as of the same time. ... read more
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