In Lagos Crude oil exportation to begin in August

This was disclosed by London based independent exploration & production company, Panoro Energy, which is in partnership with Yinka Folawiyo Petroleum Company Limited (YFP) on the project, via an operational update on its website.

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Governor Akinwunmi Ambode

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The lifting of crude oil for export from the Aje field in Lagos State is set to begin at the end of August 2016, reports say.

This was disclosed by London based independent exploration & production company, Panoro Energy, which is in partnership with Yinka Folawiyo Petroleum Company Limited (YFP) on the project, via an operational update on its website.

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

“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 7,000-8,000 barrels of oil.

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“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,” it added.

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

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