Egina oil field that was discovered by Total Upstream Nigeria Limited (TUPNI), is expected to create 3,000 jobs in five years.
The project which is due for completion next year would also add 200,000 barrels of crude per day (bpd) to Nigeria?s oil production which is approximately 10 per cent of the country?s total oil output.
The oil field located some 200 kilometres south of Port Harcourt, was discovered in 2003.
The field is being developed by Total Upstream Nigeria Limited in partnership with the Nigerian National Petroleum Corporation (NNPC), CNOOC, SAPETRO and PETROBRAS.
Its management yesterday said the project is expected to be completed with the initial budget of $16 billion.
The statement read: ?The floating, production, storage and offloading unit (FSPO) for the project has started its journey to Nigeria. Egina is the first major deepwater development project after the Nigerian Oil & Gas Industry Content Development (NOGICD) Act was enacted in 2010 and has the highest level of local content of any such project in Nigeria.?
It said apart from job creation, the project is also expected to fabricate 60,000 tons of equipment in Nigeria, stating that Egina?s FSPO, which is designed to process oil and gas from the field, would berth at the quayside in Nigeria for integration of locally fabricated modules.
This development is ?the first for Nigeria,? the statement indicated.