Lagos State Joins League of Oil Producing States

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Folawiyo

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The Yinka Folawiyo Petroleum Company Limited’s first oil production in offshore Block OML 113, after exploring for 25 years, has placed Lagos State in the league of oil producing state in Nigeria

LAGOS State has joined the league of Oil Producing States in Nigeria. Yinka Folawiyo Petroleum Company Limited, YFP, has started the production of crude oil from its Aje Field located in offshore Block OML 113, in the Dahomey Basin South West Lagos.

Crude oil produced from the Aje field will be stored on the Front Puffin, which has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels. The field is situated in water depths ranging from 100 to 1,000 metres, about 24 km from the coast.

According to Tunde Folawiyo, chairman of YFP: “The attainment of this milestone is indeed a laudable achievement not just for YFP but for the Nigerian oil and gas industry as a whole and indeed Lagos State which can now be addressed as an oil producing state. Recording this achievement in the present global oil climate together with the peculiar challenges of the field is clearly no mean feat.”

Bolaji Musa, General Manager,  YFP, issued a statement saying that “After over 25 years of exploratory, appraisal and developmental activities, YFP has successfully pioneered the opening of the Frontier Benin Embayment. The Aje Field is the first field to record production from this part of Nigeria and is the first production outside of the Niger Delta.

“Commissioning of the Front Puffin FPSO was successfully completed after its arrival in Nigeria on 16th March 2016. We are very proud of and appreciative of the efforts, determination and commitment, of the entire Aje Project team past and present, the constant support from our regulators, the DPR and Ministry of Petroleum and our financiers. We believe this crucial support will spur us on to even greater achievements.

“The Aje Field contains hydrocarbon resources in sandstone reservoirs in three main levels – a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir,” the statement said.

The YFP is a wholly owned Nigerian company and Operator of OML113. Its partners are New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, Pan Petroleum (Panoro Energy) Aje Limited and PR Oil and Gas Nigeria Limited.

— May 4, 2016 @ 12: 20 GMT

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