Business & Finance

Crude oil Production Commences in Lagos


Yinka Folawiyo Petroleum Company Limited (YFP) has commenced the production of crude oil via its Aje Field located in Block OML 113, offshore in Lagos state.

The field has a capacity of 40,000 barrels of oil per day and can store up to 750,000 barrels on the Front Puffin at a go.

Its Chairman Tunde Folawiyo said: “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.”

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A statement endorsed by its General Manager, Bolaji Musa, said the oil firm is a wholly owned Nigerian company and Operator of OML113. The other partners are: New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, Pan Petroleum (Panoro Energy) Aje Limited and PR Oil & Gas Nigeria Limited.

Aje is an offshore field located in OML 113 in the Dahomey Basin in the Southwest. The field is situated in water depths ranging from 100 to 1,000 metres, about 24 km from the coast.

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