21 January 2018

Nigeria: Senate Begins Probe of U.S.$16Bn Egina Deep Sea Project Tomorrow

Abuja — The Senate will, tomorrow, begin investigation of local content elements and huge cost variations of the over $16 billion Egina Deep-sea oil project.

This is as major stakeholders in the execution of the almost completed offshore oil project have been invited.

This was disclosed, yesterday, by the adhoc committee set up to investigate the alleged abuse of local content by the company, led by Senator Solomon Adeola (APC, Lagos West).

Adeola added that those invited for the five-day investigative hearing include Chief Executives of Nigerian National Petroleum Corporation, NNPC; National Petroleum Investment Management Services, NAPIMS; Nigerian Content Monitoring Development Board, NCMDB; Total Upstream Nigeria Limited; SAIPEM Contracting Nigeria Ltd and Samsung Heavy Industry (SHI) among others.

Coincidentally, the Senate investigation is starting on the same day the Floating Production Storage Offloading, FPSO, vessel component of the project constructed over the years by Samsung Heavy Industry (SHI) at Samsung Yard, GOJE, South Korea, will arrive Nigeria, having set sail on October 30, 2017.

A statement by Adeola's Special Assistant, Kayode Odunaro, said: "The FPSO on arrival will be integrated to locally fabricated and procured components before it sets sail back to deep seas to work on the Egina oil field located at Oil Mining Lease (OML) 130."

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