Century Energy Services Limited (CESL) has finished the mooring installation of the double hull, 2,000,000 barrels (bbl) storage capacity FSO ELI Akaso Terminal located Offshore Bonny in order to address the challenges of hydrocarbon evacuation, storage, and offtake for injectors in the area. Bureau Veritas has also certified CESL for oil storage services.
The ELI Akaso is owned by EnergyLink Infrastructure, while CESL operates and manages the facility. This collaboration aligns with CESL’s vision of standard hydrocarbon commercialisation through infrastructure.
The terminal is anticipated to enhance EnergyLink’s capacity to create unmatched value for customer access and develop a dominant position in the international oil and gas trading and supply chain. By addressing present crude evacuation / storage issues that regularly affect injector export projects, the terminal operations will incentivize additional hydrocarbon production while increasing operational costs for both producers and consumers.
The Managing Director of EnergyLink, Adekolapo Ademola EnergyLink said that the FSO “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.”
Ademola continued by saying that initiatives like the FSO enabled the company to satisfy consumers’ rising demand, saying, “They are increasingly focused on enhancing their production and supply security, a concern that’s gaining prominence among global industry stakeholders.”
The company then added that the ELI Akaso should address challenges around exporting and storing crude.
The CEO of CESL, Ken Etete, then revealed that the new terminal mooring “significantly advanced our collaboration in oil and gas infrastructure.”
He went on to say that EnergyLink will work with CESL again in future as CESL aims to “rapidly expand hydrocarbon storage services not only in Nigeria but also internationally. This aligns seamlessly with our infrastructure vision.”
CESL is a component of the 2002-founded Century Group. Tamara Nanaye, Tamara Tokoni, and Tamara Elmina are three other FPSOs that the business is working on. Previously, the Front Puffin, on OML 113, and the Armada Perdana, on OML 119, were the first and second, respectively.
In April, San Leon Energy said that Century Group and ELI had agreed to a contract about the ELI Akaso. A 47-km undersea pipeline, according to the oil corporation, will transport 100,000 barrels of oil per day from OML 18 to the FSO.
However, CESL made no mention of the pipeline. San Leon earlier stated that it anticipated finishing this in the second part of 2023.
According to EnergyLink’s Ademola, who is also a non-executive director of San Leon, working with Century Group “should expedite our ability to deliver value to our key partners and shareholders.” San Leon bought a 10% stake in EnergyLink in 2020. In 2020, San Leon acquired a 10% share in EnergyLink. In August, the corporation agreed to lend money to EnergyLink, with the possibility of increasing its investment to 16.2%.