Wednesday, 4 May 2016

News -Yinka Folawiyo Petroleum begins oil production in Lagos

Yinka Folawiyo Petroleum
begins oil production in Lagos


– Yinka Folawiyo Petroleum Company
Limited (YFP) says it has begun the
production of crude oil from its Aje Field in
Lagos
– Aje field has production capacity of
40,000 barrels of oil per day and storage
capacity of 750,000 barrels
Nigerian oil rig
Despite the lingering oil crisis in Nigeria, an
oil firm, Yinka Folawiyo Petroleum Company
Limited (YFP), says it has begun the
production of crude oil from its Aje Field
located in Block OML 113, offshore Lagos.
According to firm, Aje field has production
capacity of 40,000 barrels of oil per day and
storage capacity of 750,000 barrels.
Speaking through a statement, Bolaji Musa
the oil firm’s General Manager 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.
“After over 25 years of exploratory, appraisal
and developmental activities, YFP has
successfully pioneered the opening of the
Frontier Benin Embayment. The Aje Field is the
first field to record production from this part
of Nigeria and is the first production outside
of the Niger Delta.
“Commissioning of the Front Puffin FPSO was
successfully completed after its arrival in
Nigeria on 16th March 2016.



“We are very proud of and appreciative of the
efforts, determination and commitment, of the
entire Aje Project team past and present, the
constant support from our regulators, the DPR
and Ministry of Petroleum and our financiers.
We believe this crucial support will spur us on
to even greater achievements.
“The Aje 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,” YFP added.
Also quoted in the statement, 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.”
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.
Meanwhile, Femi Otedola, Nigerian business
mogul, has lost more than $400 million in the
past nine weeks. According to Vanguard,
Otedola’s loss of his personal fortune came
as a result of a 43.5% shed off in stock price
of Forte Oil, the Nigerian-listed energy
behemoth he controls.