Sirius Petroleum enters crude handling agreement at Ugo-Ocha

11 February 2019

(Sharecast News) - Nigeria-focussed oil and gas development and production company Sirius Petroleum has entered into a crude handling agreement (CHA) in line with its commercial offshore strategy, with the terminal operator of the Ugo-Ocha floating storage and offloading unit (FSO), with offtake from production wells delivered via coastal tankers to the FSO, it announced on Monday.
The AIM-traded firm said the Ugo-Ocha oil terminal was located offshore within the waters of the exclusive economic zone of Nigeria, and could store up two million barrels of crude.

It said the agreement would provide for crude handling, receipt, storage and delivery, quality assurance, health, safety and environment and regulatory compliances.

"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," said Sirius chief executive officer Bobo Kuti.