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Business & Finance

Lagos Begins Exportation of Crude Oil

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Following the commissioning of a production and storage vessel for the crude, Aje field Offshore, Lagos is set for the first crude oil lifting for export in August ending.

Governor Akinwunmi Ambode in May, had announced that Lagos state, officially joined the League of Oil Producing States in Nigeria following the discovery of crude oil by Yinka Folawiyo Petroleum Company Limited (YFP) in the state.

Panoro Energy, the London based independent E&P Company in partnership with YFP on the Aje Field development, made the announcement in an operational update on its website.

The company stated, however, that the targeted stabilised production rates have not yet been achieved, due to mechanical issues and Nigerian regulatory approvals.
“Until the outstanding issues are resolved, which could take until the end of Q4 2016, production shall be maintained at a restricted daily rate of approximately 7,000-8,000 barrels of oil,” the company stated.

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“We expect the first crude oil lifting from the Front Puffin FPSO to take place at the end of August,” it said adding “In the meantime we continue to be encouraged by the performance of the reservoir to date.”

Source: DailyTrust


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