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2nd sale of Lagos crude oil expected before year end

Core investor and operator at the Aje field, in the Oil Mining Lease 113 offshore Lagos, Yinka Folawiyo Petroleum Company Limited is set for another shipment of crude before the end of the year.

The first sale was in August this year and a London-based energy firm, MX Oil, one of the partners, yesterday, said it had received $1.2m from the sale of the first oil production.

The AIM-quoted oil and gas investing company said in an update on its website that the money was received by the PR Oil and Gas Limited, the holder of its investment in the OML 113.

The Aje field, which was discovered 25 years ago, achieved its first oil five months ago.

It would be recalled that Yinka Folawiyo Petroleum Company Limited, a wholly-owned indigenous firm and operator of the OML 113, had on May 3 announced the commencement of crude oil production on the field.

Other partners are New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, Pan Petroleum (Panoro Energy) Aje Limited and PR Oil & Gas Nigeria Limited.

Panoro Energy, an independent exploration and production company with assets in Nigeria and Gabon, had in July said several international oil companies and trading houses had expressed interest in purchasing the crude produced from the Aje field.

Aje is an offshore field located in the OML 113 in the western part of Nigeria in the Dahomey Basin. The field is situated in water depths ranging from 100 to 1,000 metres and is about 24 kilometres from the coast. It 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.

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