Just as OPEC and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg reported on Thursday, quoting a copy of a loading program for the new grade it had seen. The Egina oil field project is based on a subsea production system connected to a floating production, storage and offloading (FPSO) unit. The field’s production capacity is forecast at 200,000 bpd—around 10 percent of Nigeria’s total oil production, the project operator Total says. According to Bloomberg estimates, 200,000 bpd in exports will make Egina the fourth biggest Nigerian crude grade in terms of volumes. The timing of the new field start-up coincides with the OPEC/non-OPEC production cuts, from which Nigeria wasn’t spared this time around. The […]