Page 11 - 2020 CORPORATE PROFILE FUELQO ENERGIA LIMITED

Strictly Private & Confidential

Nigerian Bonny Light Crude Oil (BLCO)

This crude oil is produced in Nigeria from Nigerian National, Petroleum Corporation, Chevron, Texaco
and Shell concessions.

Chevron Texaco’s exports are throughput and loaded from the Shell-operated Bonny Terminal, which
can accommodate VLCC loading. The typical cargo size for this FOB assessment is 950,000 bbl. The
current bbl/mt conversion factor for Bonny Light crude oil is 7.526 and typical output is around
540,000 barrels per day. Specifications are: API 32.9°, S.G. 0.8607, Sulphur 0.14%, Pour point 19°F,
TAN 0.28 mg KOH/g, Nickel 3.9 ppm, Vanadium 0.4 ppm, Visc. (40°C) 4.16 cSt.

Agbami Crude

The grade is produced 70 miles offshore Nigeria and loads from the Agbami FPSO. Cargoes typically
are typically made up of 975,000 barrel and peak production in 2010 is set for 250,000 b/d. Agbami
is classified as light sweet crude with low acid content. Specifications are: API 46.3°, Sulfur 0.03%, Pour
point 9°C, TAN <0.05 mg KOH/g, Visc. (40°C) 1.8 cSt. Production began in July 2008.

Bonga Crude

Bonga is the largest deep-water project to commence production in Nigeria and is operated by Shell
on behalf of NNPC and its co-venture partners (Shell 55%, Esso 20%, Total 12.5%, Agip 12.5%).
The Bonga Single Point Mooring (Latitude 04° 33’ 45’’ North, Longitude 04° 37’ 28’’ East) buoy is
located 1 mile from the Floating Production Storage and Offtake unit (FPSO), 50 nautical miles off
the Nigerian coast (about 133 nautical miles from Lagos) in a water depth of ~1000 meters.

The FPSO consists of a large, barge shaped vessel, spread moored to 12 suction pile anchors in an
orientation of 185 degrees. It has a storage capacity of 2 million barrels, a maximum loading rate of
47,000 barrels per hour and is designed to produce up to 225,000 barrels of crude oil per day.
Normal cargo size will be 1 million barrels with a minimum cargo size of 300,000 barrels.

Bonga is a medium gravity, low sulphur, naphthenic crude. It is similar in quality and yield pattern to
Forcados, though slightly heavier.

• Gravity 28.6
• Sulfur 0.25%
• Load Port Bonga FPSO

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