The Government of Equatorial Guinea has signed an agreement with Nigeria-based energy company Taleveras Group to construct an oil storage hub on the island of Bioko.
The facility will be capable of storing 1.34 million tonnes of crude oil and products such as gasoline, naphtha, jet fuel and fuel oil.
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Planned to be constructed at Punta Europa, the terminal will serve important oil supply and demand centres across West Africa.
The facility will be developed in phases with the first phase featuring a 680,000m³ refined products storage capacity.
The remaining phases will include crude oil storage. The following steps for the project include concluding and signing the FEED contract early this year and selection of the consortium to construct, own and operate the facility.
Equatorial Guinea’s daily production has increased from less than 5,000 barrels of oil per day in 1992 to more than 410,000 barrels per day in 2012.
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By GlobalDataTaleveras’ energy activities are focused on the physical sourcing and marketing of oil on a global scale.
The company also pursues upstream activities with a focus on acquiring drilling rights for viable, proven oil reserves.
Image: The Government of Equatorial Guinea and Taleveras Group signing the agreement to construct an oil storage hub on the island of Bioko. Photo: courtesy of Taleveras Group.
