crude-oil_3
The United States Energy Information Administration’s website reported Lagos offshore oilfield gas and condensate field, Aje, will begin oil production by 2014.
According to information on the website, the oilfield which lies in Oil Mining Lease 113 in the Benin Basin – about 43 kilometers offshore Lagos is at its development stage and it is expected to produce between 50,000 to 80,000 barrels of oil per day.
The OML 113 license, originally known as the Oil Operating License 309 covers an area of 960 square kilometers. The former license was awarded to YFP in 1991 to encourage the growth of the Nigerian oil industry before it was converted to OML 113 in 1998 after the successful discovery of the Aje field.
With a water depth of about 3,000 feet, the OML 113 licence also contains several prospects, including the Jubilee and Tweneboa fields.
While key shareholders in the field include Yinka Folawiyo Petroleum and Chevron; the later has been appointed as the technical advisor for the Aje Project with the additional responsibility of preparing a development plan for the field.
Only time will tell how pivotal this step will be for Nigeria’s economy and the economies of the countries connected to Nigeria.