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

A group led by Lagos-based independent Yinka Folawiyo Petroleum Co. Ltd. have taken a final investment decision on developing 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 licence area. A reentry of Aje-4 will form the first producer, while drilling of Aje-5 will be the second.

Plans include the use of Rubicon’s Front Puffin floating production, storage, and offloading vessel, which produced oil from Puffin field in the Timor Sea. The vessel will be brought up to specification shortly. Procurement of subsea equipment and the contracting of a drilling rig are also progressing.

Aje field, which lies 24 km offshore, is estimated to contain 200 million bbl of 2C contingent resources in Cenomanian-age reservoirs. Additional resources may be present in a separate reservoir and these may be accessed through a Stage 2 development comprising two more wells.

The field Stage 1 is scheduled to be brought on stream at yearend 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%.

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