(Ecofin Agency) - Yinka Folawiyo Petroleum Company Limited (YFP) has announced that the much awaited first oil export cargo from the Aje field, offshore Lagos, will be shipped to the United Kingdom next month.

This is coming after Panoro Energy and the operator Yinka Folawiyo Petroleum announced in July that the first crude oil lifting for export from the Aje field would commence by the end of August.

According to YPF, the company expects to sell the first cargo of Aje crude in September and Glencore Energy had been selected for its offtake.

He added that the average gross daily production at Aje from May to mid-August was at 5,500 bopd, including the whole testing, commissioning and approval period completed in mid-July.

The CEO of Panoro Energy, John Hamilton, has said that reaching oil production at Aje in Q2 was a breakthrough for the company.

“We expect to sell our first cargo of oil during September, representing the start of positive cash inflows from the Aje project. Realizing the full potential at Aje is the key priority for the company and we remain focused on moving the Dussafu project forward in Gabon,” he told Daily Trust.

Anita Fatunji