Sirius Petroleum, the Nigeria-focused oil and gas development and production company, has entered into a Crude Handling Agreement (‘CHA’), in line with the Company’s commercial offshore strategy, with the Terminal Operator of the Ugo-Ocha Floating Storage & Offloading unit (‘FSO’) with offtake from production wells delivered via coastal tankers to the FSO.
The Ugo-Ocha oil terminal is located offshore within the waters of the Exclusive Economic Zone of Nigeria and can store up 2,000,000 bbls of crude. The CHA provides for crude handling, receipt, storage and delivery, quality assurance, health, safety and environment and regulatory compliances.
Bobo Kuti, CEO of Sirius Petroleum, said:
‘We are pleased to have secured this agreement to export our crude production through a secure offshore terminal which is in line with our commercial offshore strategy and provides the most flexible offtake option for our offtake partner.’