Panoro Energy in its Q1 financial result and operational update on the Aje oil field located in Oil Mining Lease (OML) 113, offshore Lagos, Nigeria announced that the two wells in the field have tested in excess of 5,000 bopd each.

After over 20 years of exploring for hydrocarbon resources off the coast of Lagos, Yinka Folawiyo Petroleum, in partnership with Panoro Energy ASA and First Hydrocarbon Nigeria (FHN) Limited, amongst others, achieved first oil on the Aje field on May 3, 2016 making Lagos State part of the league of oil and gas producing states in the country.

According to the CEO of Panoro, John Hamilton, the company was very pleased to have achieved first oil production at Aje, offshore Nigeria.The first two wells are expected to reach 12,000 bopd, and the flow rates would rise as more wells are drilled on the field.

Situated 64 km from Lagos and 12 km close to the West African gas pipeline operated by Chevron, the Aje oil field holds untapped reserves of around 650 Bcf, which when harnessed in two to three years’ time, could supply the country, all the gas feedstock required for the thermal power stations and other manufacturing concerns.

Oil produced from the Aje field will be stored in the Front Puffin Floating Production Storage Offshore (FPSO) which has a production capacity of 40,000 bopd and storage capacity of 750,000 bbls, Nigeria Today reports.

Anita Fatunji