Yinka-led group takes FID on Aje oil field offshore Nigeria

Offshore staff

MELBOURNE, Australia – A group led by Lagos-based independent Yinka Folawiyo Petroleum Co. Ltd. has taken a final investment decision (FID) to develop the $220-million first phase of the Aje shallow-water oil field offshore western Nigeria.

The aim for Stage 1 is to produce 10,000 b/d of oil from two target wells in the OML113 license area. A reentry of Aje-4 will form the first producer, while drilling of Aje-5 is expected to be the second.

Plans include the use of Rubicon’s Front Puffin FPSO, which produced oil from the Puffin field in the Timor Sea. The vessel will be brought up to specification soon, and procurement of subsea equipment and the contracting of a drilling rig are progressing.

The field’s Stage 1 is scheduled to be brought onstream at year-end 2015.

Yinka is operator with 25% interest in the field. Partners include Vitol, 24.05%; First Hydrocarbons Nigeria Ltd., 16.875%; Energy Equity Resources Ltd., 16.875%; Panoro Energy ASA, 12.19%; and Jacka Resources Ltd., 5%.

10/14/2014

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