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Lagos state the commercial nerve centre and industrial hub of Nigeria is set to join other oil producing states within the country when it begins the first oil exploitation in December 2015.
The dream of Lagos State in becoming an oil producing state is moving faster and closer 2 reality,as the operator projected that the Well in Oil Mining Lease 113 (OML 113) would whisk out its 1st oil by December.
A joint venture partner,Panoro Energy ASA,in its operations update recently,said the operator of the OML113 licence has,on behalf of d joint venture partners,entered into a rig contract with Saipem.
The dream of Lagos State in becoming an oil producing state is moving faster and closer 2 reality,as the operator projected that the Well in Oil Mining Lease 113 (OML 113) would whisk out its 1st oil by December.
A joint venture partner,Panoro Energy ASA,in its operations update recently,said the operator of the OML113 licence has,on behalf of d joint venture partners,entered into a rig contract with Saipem.
The Chief Executive Officer, Panoro Energy, Mr. John Hamilton, was quoted in the statement as saying, “Panoro is very pleased to be entering into the rig contract for the drilling and completion of the Aje development wells. We have been able to achieve a lower rig rate than was expected when the Final Investment Decision was made in October 2014.
“With well operations expected to commence in the next few weeks, we will continue moving towards our incremental growth strategy of converting Panoro’s discovered resource base into commercial production and generating positive cash flow in 2016.”
Aje is an offshore field located in the western part of Nigeria in the Dahomey Basin at the border with Benin Republic, with the first oil targeted for December 2015, the statement said.
The field is situated in water depths ranging from 100 to 1,000 metres about 24 kilometres from the coast. The 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.
Yinka Folawiyo Petroleum Company is the operator, with 25 per cent interest in the field. The partners are Vitol, First Hydrocarbons Nigeria Limited, Energy Equity Resources Limited, Panoro Energy ASA and Jacka Resources Limited.
The JV partners had in January 2014 submitted the Field Development Plan for the Aje field to the Department of Petroleum Resources. The FDP was approved in March and is primarily focused on the development of the Cenomanian oil reservoir.
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