BUSI­NESS La­gos be­gins first crude oil ex­port Au­gust ICT can …As IOCs, traders place or­der for car­goes boost Nige­ria’s rev­enue – Dan­batta

Daily Trust - - NEWS - By Daniel Adugbo

All is now set for the first crude oil lift­ing for ex­port from the Aje field, off­shore La­gos, Nige­ria, by the end of Au­gust fol­low­ing the com­mis­sion­ing of a pro­duc­tion and stor­age ves­sel for the crude.

The news fol­lows the dec­la­ra­tion by gover­nor Ak­in­wunmi Am­bode in May, that La­gos has of­fi­cially joined the League of Oil Pro­duc­ing States in Nige­ria fol­low­ing the dis­cov­ery of crude oil by Yinka Fo­lawiyo Petroleum Com­pany Lim­ited (YFP) in the state. Panoro En­ergy, the Lon­don based in­de­pen­dent E&P Com­pany in part­ner­ship with YFP on the Aje Field de­vel­op­ment, made the an­nounce­ment in an op­er­a­tional up­date on its web­site.

The com­pany stated, how­ever, that the tar­geted sta­bilised pro­duc­tion rates have not yet been achieved, due to me­chan­i­cal is­sues and Nige­rian reg­u­la­tory ap­provals.

“Un­til the out­stand­ing is­sues are re­solved, which could take un­til the end of Q4 2016, pro­duc­tion shall be main­tained at a re­stricted daily rate of ap­prox­i­mately 7,0008,000 bar­rels of oil,” the com­pany stated.

“We ex­pect the first crude oil lift­ing from the Front Puf­fin FPSO to take place at the end of Au­gust,” it said adding “In the mean­time we con­tinue to be en­cour­aged by the per­for­mance of the reser­voir to date.”

The com­pany said sev­eral in­ter­na­tional oil com­pa­nies and trad­ing houses have ex­pressed in­ter­est in pur­chas­ing Aje crude.

“Lab­o­ra­tory as­says have been de­liv­ered on Aje crude oil which show it to be as ex­pected a high qual­ity grade of ap­prox­i­mately 42 de­gree API,” the com­pany’s up­date noted.

John Hamil­ton, CEO of Panoro said,“We are very pleased with the reser­voir per­for­mance at Aje and are plan­ning the next steps to re­al­ize its full po­ten­tial.”

Group Manag­ing Direc­tor of YFP, Mr. Tunde Fo­lawiyo had told gover­nor Am­bode at the of­fi­cial an­nounce­ment, that the com­pany com­mit­ted about $400m to achieve the feat adding that the oil well has the ca­pac­ity to pro­duce at least 12,000 bar­rels per day, with a pos­si­bil­ity to in­crease to 25,000 to 50,000 bar­rels per day in the near­est fu­ture. FLIGHT

SCHED­ULE

Front Puf­fin crude oil ves­sel ARIK AIR

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