NIGERIA: LADOL Invests $350m in Egina FPSO Integration

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Following the necessary approval obtained from the Federal Government, Lagos Deep Offshore Logistics (LADOL), a leading indigenous offshore logistics service provider has said it is investing $350million for the integration of the Floating Production Storage Offshore (FPSO) vessel for the Egina deep-water oil field being developed by the French oil major, Total Upstream Nigeria Limited.
The project, which is being handled by LADOL in a joint venture with South Korean giant, Samsung Heavy Industries (SHI) would ensure in-country integration of FPSO for the first time in Nigeria.
The Managing Director of LADOL, Dr Amy Jadesimi, said her company’s competence in handling the first-of- its-kind project in Africa, was no longer in doubt as government has granted the joint venture all necessary approvals to commence work in earnest.
Jadesimi noted that the choice of her company for the unique project was informed by its track record in servicing major oil and gas companies’ logistics requirements, citing the final integration of the famous Chevron’s Agbami oil field facility as one of her company’s milestones.
According to her, series of findings and vessel simulation carried out along the Apapa ports coastline has revealed that apart from being the only fully indigenous-owned body of its kind in the country, LADOL base is most ideal site in Nigeria for berthing a vessel the size of an FPSO.
She noted that LADOL which is an International Ships and Ports Security (ISPS) certified facility has all relevant government agencies’ permanently present in the Zone.
They include the Nigerian Export and processing Zones Authority, Nigerian Customs Service, Nigerian Immigration Service and the Nigerian Ports Authority (NPA).
“LADOL is already servicing oil and gas majors, contractors and service companies. The largest FPSO in Nigeria – Agbami – was supported by and from LADOL”, she said.
Describing the process of getting government’s nod to commence on the project as “a long, costly and difficult road to success”, Jadesimi listed the various approvals to include: Designation as Deep Offshore Logistics Base, part of Apapa Port, NPA Approval for SaNTA – Training Facility in LADOL which was obtained in January 2013, as well as NPA’s Preliminary Approval for FPSO Facility in LADOL, also received in December 2011.
She revealed that other necessary approvals and hurdles included NEPZA Planning Approval for FPSO Facility which came in Nov 2011; NPA Planning Approval for FPSO Fabrication Yard in August 2013; NPA Planning Approval for FPSO Quay for Integration in October 2013 following which the detailed design was completed in August 2013.
Apart from the series of approvals, she said her company had to sign 19 separate agreements with Samsung over three years with the active involvement of seven separate world class Nigerian and international lawyers, financial advisors and consultants.
“Our total Investment in FPSO Facility at LADOL to-date is $102.5 million. This does not bother us as the only 100per cent Nigerian logistics base owner in Nigeria and the only one to develop a facility from a zero value Greenfield NPA site into a $500 million world class base” she added.
Jadesimi pointed out that following the success recorded in the first phase of the company’s development, “LADOL is now expanding its facilities and it’s proven Business model of private indigenous Nigerian lead development of facilities, into Bayelsa State as well as extending its facility in Lagos with a $500 million additional investment.
“LADOL’s joint venture with Samsung to build Nigeria’s first and only Africa’s only FPSO facility will make Nigeria Africa maritime and oil and gas hub, creating 100,000 jobs” she said.
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