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Lagos to begin oil production by 2014

By on January 2, 2013

West Africa’s Economic Capital, Lagos popularly known as ‘Eko City’ is set to actively join the league of Oil producing States in Nigeria, by the year 2014, as Oil is expected to be produced offshore for the first time from the Aje gas and condensate field.

The Aje field by topography is situated along the plateau which has the capacity of production between 50,000 and 80,000 barrels per day, while the water depth level is in the local and region of 3,000 feet.

The Oil Mining Lease 113 which is designated for the Oil project, covers an area of 960 square kilometres and has huge and great prospects including the oil fields Jubilee and Tweneboa.

It was also revealed that the OML 113 was formerly known as Oil Operating license 309 and was initially given out in 1991 to Yinka Folawiyo Petroleum, to boost the Local Content Capacity of the Oil and Gas sector in the Country.

Discovery of the Aje Oilfield dates back to 1996, by that time the Oil well flowed at a momentous capacity of 2,389 barrels of Oil per day in terms of Production, Capacity and Operations.

Drilling Operations in the Aje Oilfield was comprehensive and its commercial value prospects started in 2009, with an extensive reservoir structure that aids effective operations for prospective Oil and Gas firms.

For the operational structure plan, a total of six producers are planned for the field, and will be connected to the subsea well heads and flowlines of about 320-feet water depth. The Contingent Gross level is estimated at 380 million. From the analysis, 52 percent is gas, 28 percent Oil condensate and Liquefied Petroleum Gas,20 percent