30th Jan 2020 18:29
(Alliance News) - San Leon Energy PLC said Thursday it is making progress on the construction of an alternative crude evacuation and storage system for OML 18, onshore Nigeria.
The system is being established for the transporting, storing and evacuation crude oil from the OML 18 export pipeline running within the OML 18 acreage, and down to the floating storage and offloading vessel named ELI Akaso.
The ELI Akaso is expected to arrive shortly into Bonny port. In addition, all government and regulatory approvals for project construction have been received.
Looking ahead, in February the site will be mobilised. In March the Cawthorne 2 & 3 pig launcher and receiver platforms will be installed, and the pipe-laying is expected to be completed by May.
"The operation of ACOES is expected to be a major catalyst for the success of OML 18. We have long described the challenges to pipeline losses and downtime on the existing NCTL pipeline and ACOES is expected to reduce both significantly," said Chief Executive Officer Oisin Fanning.
Shares in San Leon Energy closed 1.2% lower at 25.70 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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