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Lagos may join oil producing states
If all goes well, Lagos may soon join the league of oil producing states in the country as Panoro Energy ASA, the independent E&P company with assets in Nigeria and Gabon, informed that drilling has commenced on the Aje-5 production well on the Oil Mining Licence (OML) 113.
The Aje-5 well is part of the first phase of a two-phase development plan for the field.
Aje is an offshore field located in Lagos in the Dahomey Basin close to the border with Benin Republic. The field is situated in water depths ranging from 100 to 1,000 metres about 24 km from the coast.
Panoro Energy holds a 6.502% participating interest in OML 113 (with a 12.1913% revenue interest and 16.255% paying interest in the Aje Field). 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.
Panoro Energy, one of the joint partners involved in the Aje field development, said in a statement on Monday that “Following drilling, the Aje-5 well will be completed as a subsea oil production well.
“The drilling and completion for Aje-5 is expected to take approximately 70 days. Following this, the rig will be used to re-enter the existing Aje-4 well to complete it as a second Cenomanian subsea oil production well.”
Read also: Lagos swims in bounty of N23bn IGR
It added that installation of the production manifold, flowlines, umbilicals and risers would take place in the fourth quarter of this year, after which the floating production, storage and offloading vessel, the ‘Front Puffin’, would be installed and commissioned.
“Production is expected to commence by year-end 2015 at an initial anticipated production flow rate of approximately 1,100 barrels of oil per day, net to Panoro from these two wells, in accordance with the first phase of the approved Field Development Plan”, he said.
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