Investors’ interest in gas scheme surge on Lagos Aje oilfield over rising reserves
Yinka Folawiyo Petroleum Company Limited, a wholly-owned indigenous oil company, operator of Oil Mining Lease 113 within Aje oilfield has given indication of expanding investment on the platform following discovery that gas reserves are rising.
Already, experts have confirmed the commercial viability of the Aje gas development.
Interested partners in the new deal include Pan Petroleum Aje Limited (a subsidiary of Panoro Energy), New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, and PR Oil & Gas Nigeria Limited (the holder of MX Oil’s investment in the field).
Also London-based MX Oil said in a new update that there had been significant developments in the Aje project over the past two years that had had a material impact on the project’s reserves and resource position.
In its last Competent Persons Report in July 2014, three new Cenomanian penetrations had been drilled (Aje-5, Aje-5ST1 and Aje-5ST2), with production coming on-stream from the Cenomanian reservoir in May 2016 and from the Turonian oil rim in May 2017.
“A field development plan for the Turonian Aje gas project was submitted to the Nigerian government for consideration in 2017. The FDP comprises four to five production wells in the Turonian, tied back to existing and new infrastructure,” the company said.
