Nigeria takes delivery of $3.3bn oil, gas storage vessel

From Anthony Nwachukwu, Lagos
Nigeria on Wednesday made history when the much awaited $3.3 billion Egina Floating Production Storage and Offshore (FPSO), anchored at the Lagos Harbour at mid-day.
Its arrival signalled the end of the monopoly and controversy in the handling of oil and gas cargoes, which had been the preserve of Integrated Logistics Nigeria Limited (Intels) following a presidential approval to that effect as compensation for its huge investment in facilities, especially at the Onne Oil and Gas Free Trade Zone (OGFTZ) in Port Harcourt, Rivers State.
Receiving the massive facility with Length Over All (LOA) of 330 metres, 63 metres width and 219,800 gross tonnage, the Nigerian Port Authority (NPA) Managing Director, Ms Hadiza Bala Usman, said that it was Nigeriaa��s first time of handling any such huge vessel.
She commended Total, LADOL Free Trade Zone and Samsung Heavy Industry (SHI) for the synergy from which the venture emerged, adding that, a�?it is pertinent to note that the choice of Lagos for this project is a confirmation of the good reasoning behind the Federal Governmenta��s policy on liberalising oil and gas logistics operations in the country.
a�?The implication is that, like the one under focus, it can be replicated at any port location of investorsa�� choice. For the oil and gas industry in particular, the NPA promises to support and enhance global and national trade by enabling all clients to land their cargoes directly at the FTZ,a�? she said.
According to her, the facility a�?furthers the Federal Governmenta��s local content policy, with multiplier effects evident in employment opportunities, capacity building, technology transfer, cost saving, reduction in capital flight as well as the attraction of oil and gas hub to Nigeria for the sub-region.a�?