Century Energy Services Ltd (CESL) has achieved a notable milestone in Nigeria’s energy sector by successfully mooring a Floating Storage and Offloading (FSO) unit offshore Bonny, designed to hold an impressive 2 million barrels.
Owned by Energy Link Infrastructure, the ELI Akaso FSO is now under the operation and management of CESL. The integration is part of a strategic approach aiming to provide comprehensive “evacuation, storage, and offtake” solutions for local oil producers.
Adekolapo Ademola, EnergyLink’s Managing Director, spoke on the matter: “Our recent efforts with the FSO perfectly align with our vision. We’re dedicated to addressing both present and future needs of the oil and gas sector, and to ensure our stakeholders benefit from consistent cash inflow.”
Ademola further emphasized the significance of projects like these, underlining their role in meeting the rising demands from their clientele. “As global emphasis shifts towards enhanced production and supply security, we’re positioning ourselves to address these needs,” he stated.
The introduction of ELI Akaso is a timely response to tackle challenges around crude export and storage. CESL’s CEO, Ken Etete, heralded this new addition as a major leap in the collaborative infrastructure initiatives of the oil and gas sectors. “Our vision extends beyond Nigeria. With EnergyLink by our side, we’re aiming to broaden our hydrocarbon storage services on an international scale,” said Etete.
Century Group, of which CESL is a subsidiary, has been a significant player since 2002. It has also been involved with the FPSO Tamara Nanaye, Tamara Tokoni, and Tamara Elmina, further cementing its place in the industry.
San Leon Energy, earlier this year, announced Century Group’s partnership with ELI for the ELI Akaso FSO. Their projections included a 47-km subsea pipeline connecting OML 18 to the FSO, boasting a throughput potential of 100,000 barrels of oil daily.
However, CESL’s announcement made no mention of this pipeline. Previously, San Leon had earmarked the pipeline’s completion for the latter half of 2023.
EnergyLink’s Ademola, who also sits as a non-executive director for San Leon, expressed optimism. “Collaborating with Century Group holds promise to deliver exponential value to our partners and shareholders,” he remarked, referencing San Leon’s strategic 10% acquisition of EnergyLink in 2020. This partnership further solidified in August, with San Leon extending a loan to EnergyLink, potentially increasing its stake to 16.2%.
