Lagos oilfield to begin production this year

With the award of a rig contract to carry out the drilling and completion programme for the Aje shallow-water field offshore Lagos, the first oil production is expected to begin in the state by December this year.

The operator of the Oil Mining Lease 113 has, on behalf of the joint venture partners, entered into a rig contract with Saipem for the Scarabeo 3 drilling rig to carry out the drilling and completion programme for the Aje Field Cenomanian oil development, Panoro Energy said in a statement on Monday.

The joint venture partners led by Yinka Folawiyo Petroleum Company Limited (the operator) had in October last year taken the final investment decision to develop the first phase of the Aje field.

According to the statement, the Scarabeo 3 rig is a semi-submersible rig currently stationed offshore Lagos. The rig will be moved 18 nautical miles to the Aje drilling location and will be used to carry out well operations for the first phase of the Aje Cenomanian Oil field development that includes two subsea production wells.

It said the well operations would comprise the completion of the existing Aje-4 well as a production well, and the drilling and completion of a new well, Aje-5, which would be drilled to the Aje-2 subsurface location.

The Aje-2 well is said to have demonstrated high reservoir productivity in a Cenomanian production test conducted in 1997, flowing approximately 3,700 barrels of oil per day of 41˚API oil under suboptimal well conditions.

Well operations are expected to commence in early third quarter of 2015 and are likely to take approximately 90 days to complete, according to the statement.

It stated that once well operations had been completed, subsea equipment would be installed and the wells would be tied back to the Front Puffin floating, production, storage and offloading vessel, currently undergoing refurbishment in Singapore.

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.





http://www.punchng.com/business/business-economy/lagos-oilfield-to-begin-production-this-year/

Good one

Dangote smart businessman has strategically positioned his proposed refinery in Lagos. With this development now:

-easily he will get his raw material
-large market is already waiting for him viz Lag, other part of Nigeria and the entire West Africa hub.
-Human resources is abundantly available in Lagos.
-port facilities is available in Lagos
-Lagos is relatively peaceful and ideal for business.

With the start of oil production, construction of this refinery, construction of the Ladol oil rig/other heavy metal fabrication yard at Takwa bay, construction of Lekki deep sea port and completion of the Lagos Atlantic City project, Lagos is about to firmly reestablish itself as the unrivalled commercial capital of Nigeria.

I thought that man on radio Biafra said there is no oil in Lagos.

Ondo state single handedly can fixed the whole of south west to another level, with presence of massive deposit of crude oil, Gas, they also have the 2nd largest bitumen deposit in the world etc,and now Lagos having massive crude oil deposit...I luv my tribe, beside this is a very big boast to the Economy of the south west. Hopefully Nigeria would reversed back to through federalism.




God Bless President Buhari
God Bless Prof. Osibanjo
God Bless the South West
God Bless Nigeria

True federalism is what Nigeria needs. It will solve 75% of Nigeria's problem.

More states with oil will be discovered but Nigeria can't grow until we stop being a federation by principle but in practice.

"Our oyel" people would let us hear word now.

and now some people will say......

omo lasgidi 100%...even without oyel gaan, na we dey there...na we get am

Lagos has gone this far . . .
Moves like these is good new to all. Aboki will have more money to spend, fishermen will have people who share their plight, and the noise of our oyel will reduce.
Also with the oyel running from the sea to a coastal town there will be less of pipeline vandalism.

now turn Lagos into a mega city. So proud of my state,hope to visit there soon.

The secessionists will hate to hear this...

This is not part of the plan, not at all.. the plan is to hoodwink the "oyel" people into going with them & leave the SW and the North in ruins and tatters..

That plan is gradually biting the dust.

Nooooooo
What will happen to [size=15pt]Our Oyel[/size]


This Rose2014 that commented right after is so foolish. I piss on you from above

Hopefully this will make my ewedu brothers to stop peeing in their pants when they hear 'secession'
Ewedu consumers depending on oil for their daily bread since 1914. With this type of news, I expect them to feel safe enough to support Biafra or at the very least 'resource control'


Either way #Godwin#

StOla:
"Our oyel" people would let us hear word now.

I am happy so you can leave Niger delta oil alone; fool, you think it's just about the oil? It's because of foolish people like you they want out. Na by force? Take oil away, they still want out, you think oil started this tribal problem? ask historians they will tell you it started before Nigerians even knew what oil could do.

Good Nigerians are trying to make Nigeria a better place for everyone, you are talking trash on a good news

Rose2014:
Hopefully this will make my ewedu brothers to stop peeing in their pants when they hear 'secession'
Ewedu consumers depending on oil for their daily bread since 1914. With this type of news, I expect them to feel safe enough to support Biafra or at the very least 'resource control'


Either way #Godwin#

You just proved your foolishness, now everyone knows its oil you are iinterested in; let's watch and see how it plays out

4stylz:


You just proved your foolishness, now everyone knows its oil you are iinterested in; let's watch and see how it plays out

It seems you're having comprehension problem and I urge to go back to bed ASAP

Oya read my lips: Igbos have never depended on Nigeria oil since 1914
Most SE states have oil too but we don't depend on it.

Depending only on oil for daily bread is a characteristic of Yor.bas hence I rejoice with them at this news

modath:
The secessionists will hate to hear this, this is not part of the plan, not at all.. the plan is to hoodwink the "oyel" people into going with them & leave the SW and the North in ruins and tatters..

That plan is gradually biting the dust.

This comment just proves how scared you've been about secession. Take away oil, your daily bread is gone

[s]

Rose2014:
Hopefully this will make my ewedu brothers to stop peeing in their pants when they hear 'secession'
Ewedu consumers depending on oil for their daily bread since 1914. With this type of news, I expect them to feel safe enough to support Biafra or at the very least 'resource control'


Either way #Godwin#

[/s]

Cursed akpu eating animal from the SAD BEAST.

Rose2014:


It seems you're having comprehension problem and I urge to go back to bed ASAP

Oya read my lips: Igbos have never depended on Nigeria oil since 1914
Most SE states have oil too but we don't depend on it.

Depending only on oil for daily bread is a characteristic of Yor.bas hence I rejoice with them at this news

Dumb fool, so your region dont collect monthly allocation from oil proceed? It seems Ondo state is also sad beast right. Shameless oloshi liar

Rose2014:


It seems you're having comprehension problem and I urge to go back to bed ASAP

Oya read my lips: Igbos have never depended on Nigeria oil since 1914
Most SE states have oil too but we don't depend on it.

Depending only on oil for daily bread is a characteristic of Yor.bas hence I rejoice with them at this news

That's not true. The SW and SS are the only geopolitical regions that generate more revenue than the allocations they receive. All other regions depend far more on allocations.

after1:


Dumb fool, so your region dont collect monthly allocation from oil proceed? It seems Ondo state is also sad beast right. Shameless oloshi liar

after1:
[s][/s]

Cursed akpu eating animal from the SAD BEAST.

Ehyaaa e pain u!!!!

Ouch

Next... The Chad Basin. Nigeria is blessed with so much resources, it's too bad we were blinded by SS oil for so long.

PMB's decision to resume exploration in the Chad Basin and make solid mineral development a cardinal point is a step in the right direction.

Bad news for 'OUR OYEL' singers.

Rose2014:




Ehyaaa e pain u!!!!

Ouch

Weyre, counter my post and stop doing like ojuku of cursed memory. Mumu

It is a very good development. Now that southwest have more resources PLEASE let them let Biafra go now peacefully.

bukster:


That's not true. The SW and SS are the only geopolitical regions that generate more revenue than the allocations they receive. All other regions depend far more on allocations.

When u talk about SW you mean Lagos right?
All tribes in Nigeria contribute to Lagos revenue. Yoruba contribution may be insignificant sef

Well except if 'owoda' and 'Agbero' are put into consideration

after1:


Weyre, counter my post and stop doing like ojuku of cursed memory. Mumu

E still de pain am!!!!!
Ndo

muzzafar:
It is a very good development. Now that southwest have more resources PLEASE let them let Biafra go now peacefully.

I hope so

Rose2014:

E still de pain am!!!!!
Ndo

Yiboo troll. Ahahahahaha. Oloshi

Rose2014:

When u talk about SW you mean Lagos right?
All tribes in Nigeria contribute to Lagos revenue. Yoruba contribution may be insignificant sef

Well except if 'owoda' and 'Agbero' are part of the contribution

No I mean SW. Oyo and Ogun also contribute significantly to SW GDP. Their GDP is higher than most SE states

Lagos don hammer!

CC: lalasticlala, Seun

bukster:


No I mean SW. Oyo and Ogun also contribute significantly to SW GDP. Their GDP is higher than most SE states

There is also high presence of other tribes in Nigeria in Ibadan for example. I'm talking of average Yoruba man contribution to Nigeria GDP growth