* To provide evacuation, storage, offtake for producers
Emmanuel Addeh in Abuja
Century Energy Services Ltd (CESL) has completed the mooring of a Floating Storage and Offloading Unit (FSO) offshore Bonny, capable of storing 2 million barrels.
An FSO is an offshore unit equipped for crude storage and offloading to a shuttle tanker while mooring is any permanent structure to which a seaborne vessel may be secured.
Energy Link Infrastructure owns the ELI Akaso and CESL operates and manages the facility. CESL said it would provide “evacuation, storage and offtake” for producers in the area.
EnergyLink Managing Director, Adekolapo Ademola, in his comments, said the development would ensure high-return asset investments, ensuring consistent cash flow for the foreseeable future to all our stakeholders.
“This exemplifies our strategic approach to addressing both current and future demands of the oil and gas industry. We remain steadfast in our commitment to pursuing the most resilient, competitive, and high-return asset investments, ensuring consistent cash flow for the foreseeable future to all our stakeholders,” he stated.
Ademola noted that projects such as the FSO allowed the company to meet growing demand from the company’s customers.
“They are increasingly focused on enhancing their production and supply security, a concern that’s gaining prominence among global industry stakeholders.”
The ELI Akaso should address challenges around exporting and storing crude, the company said as per the Energy Voice report.
Chief Executive Officer, CESL, Ken Etete, in his remarks, said the new terminal mooring, “significantly advanced our collaboration in oil and gas infrastructure,” stressing that EnergyLink would work with CESL again.
“CESL aims to rapidly expand hydrocarbon storage services not only in Nigeria but also internationally. This aligns seamlessly with our infrastructure vision,” he added.
CESL is part of Century Group, which was founded in 2002. The company also works on the FPSO Tamara Nanaye, Tamara Tokoni and Tamara Elmina. The first was previously the Front Puffin, on OML 113, and the second was the Armada Perdana on OML 119.
San Leon Energy reported in April that Century Group had struck a deal with ELI on the ELI Akaso. The oil company said a 47-km undersea pipeline would run from OML 18 to the FSO, with throughput of 100,000 barrels per day of oil.
There was no mention of the pipeline from CESL. San Leon had previously said it expected this to be completed in the second half of 2023.
EnergyLink’s Ademola, also a non-executive director of San Leon, said working with Century would help ensure delivery of value to shareholders.
“It should expedite our ability to deliver value to our key partners and shareholders,” he pointed out.
San Leon bought a 10 per cent stake in EnergyLink in 2020. The company struck a deal in August to lend cash to EnergyLink, with the scope to increase its stake to 16.2 per cent.
