abduljabbar4:

Jealousy desnt pay. We don't have oil in my state but I'm so happy

erico2k2:

I'm a mechanical Engineer, I can tell you that finding traces of oil in one field its not the issue but the sustainability and the economic relevance is what determines if you get oil out or not.have you stop for once and asked yourself why the USA only just began drilling Oil right about now also the UK inclusive?is cos they found cheaper ways of drilling these oils, now question, would it be cheap to drill oil in Lagos state? would the output compliment the overheads?these are what investors check B4 they throw their monies into ventures.Look at the ND with more than 50 years exploration, what has the region got to show for it?if you ask me,OIL is a curse rather than blessing..

Ujupsy:
it can never be compared to the oil from niger delta,what has been keeping the country going

olawalepopoola:
I am a geologist and I had always told people that there is no way you will find oil in Niger Delta and Ghana and you'll will find it in Lagos! Now we Yorubas have it all! Land, water, oil, mineral resources and intellectual!

erico2k2:

I'm a mechanical Engineer, I can tell you that finding traces of oil in one field its not the issue but the sustainability and the economic relevance is what determines if you get oil out or not.have you stop for once and asked yourself why the USA only just began drilling Oil right about now also the UK inclusive?is cos they found cheaper ways of drilling these oils, now question, would it be cheap to drill oil in Lagos state? would the output compliment the overheads?these are what investors check B4 they throw their monies into ventures.Look at the ND with more than 50 years exploration, what has the region got to show for it?if you ask me,OIL is a curse rather than blessing..

princdebola201:
Lagos State is set to join the league of oil producing states in the country come next year as the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field.

A group led by Yinka Folawiyo Petroleum Company Limited took the FID to develop the first phase of the Aje shallow water oil field for $220m.

The aim of the first phase is to produce 10,000 barrels per day of oil from two target wells in the Oil Mining Lease 113 area. A re-entry of Aje-4 will form the first producer, while drilling of Aje-5 is expected to be the second.

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

The Aje field’s first stage is scheduled to be brought on stream at the end of 2015.

“We believe that this development is good for Nigeria generally because our reserves base has not increased over the years as expected, because the international oil companies are not ready to invest since the Petroleum Industry Bill has not been passed,” an elated Commissioner for Energy and Mineral Resources, Lagos State, Mr. Taofiq Tijani, told our correspondent.

Yinka Folawiyo is the operator with 25 per cent interest in the field. The partners are Vitol, 24.05 per cent; First Hydrocarbons Nigeria Limited, 16.875 per cent; Energy Equity Resources Limited, 16.875 per cent; Panoro Energy ASA, 12.19 per cent; and Jacka Resources Limited, five per cent.

The JV partners had in January 2014 submitted the Field Development Plan for the Aje field to the Department of Petroleum Resources. The FDP was approved in March and is primarily focused on the development of the Cenomanian oil reservoir.

The FDP envisages first oil commencing in late 2015 with mid-case reserves of 32.4 million barrels.

The first phase of development includes two subsea production wells tied back to a leased FPSO. These wells will most likely comprise the re-completion of the existing Aje-4 well and a new well drilled close to the Aje-2 subsurface location.

In addition, further potential on the block is being defined following the 3D seismic acquisition across both OPL 310 and OML 113.

Lagos State had last year established its oil and gas company following the passage of a bill that sought to establish the Ibile Oil and Gas Corporation.

The bill was to authorise the state government to invest and engage in oil and gas activities.


http://www.punchng.com/business/business-economy/lagos-to-join-oil-producing-states-in-2015/

olawalepopoola:
I am a geologist and I had always told people that there is no way you will find oil in Niger Delta and Ghana and you'll will find it in Lagos! Now we Yorubas have it all! Land, water, oil, mineral resources and intellectual!

sCun:
Bro you don't understand. We have been hearing this for years, the article is even a 2014 article. I can bet anything that at the end of this year, not a drop of oil will be produced in Lagos.

irunoobo:
THANK GOD. ENOUGH OF THE THREATH FROM THE IGNOS AND IJAWS OVER THEIR YEYE OYEL. SOUTHWEST IS SO BLESSED. dancing shoki

sCun:
Bro you don't understand. We have been hearing this for years, the article is even a 2014 article. I can bet anything that at the end of this year, not a drop of oil will be produced in Lagos.

GodMode:


Ondo is a state in the South West.

Ondo is also an oil producing state.

Ondo has been producing oil for years...

I don't see why oil discovery in Lagos is a big deal..

phayvoursky:
MAKE UNA DE DECEIVE UNA SELVES

tpacalipse:
The chest beaters will further invade Lagos. Thank God Akiolu is there to cut their tails!

ozo13:
Our b**fran brothers no go like ds good news

lisimmo:
That's okay. At least the cry of "na only us get oil" will reduce.

VickJames:
Very good news. Even with the low quantity, we can still explore it to feed the country.

But we should live past oil and gas, its not trending anymore.

winnieG1:
Well it's good but if they are permitted to do so just because of prospecting 10,000/day while Anambra State producing up to 50,000/day is rejected, it will tell a lot about the incoming government.
we want change but in a positive dimension with equity and fairness

waternogetemeny:
A story for the gods.


Until we see the imaginery oil. No be today, the story start.

seunfly:


It is so sad, 2years ago South African signed steel exportation agreement with China worth $40 billion per annum which is more than what we make from crude oil, yet we have the largest deposit of iron ore in Africa (zamfara state) and the purest deposit in African( itakpe kogi state).

East London where the steel is produce is been called the new rising city, it is part of the new 7 cities south Africa is developing.

sCun:
Whenever the Niger delta people want to call for control of their resources we start hearing of phantom discoveries of oil in Sokoto, Borno, Lagos etc.
It has been happening for many years.
There is no drop of oil In lagos.
As of now, your states still depend on another man's oil for survival.

olawalepopoola:
I am a geologist and I had always told people that there is no way you will find oil in Niger Delta and Ghana and you'll will find it in Lagos! Now we Yorubas have it all! Land, water, oil, mineral resources and intellectual!

Emmalot121:
What is SE producing? Yet they should every second.

mmsen:


You need both to power an economy. We should be looking beyond selling and should be using it for Nigerian development, to power the Nigerian economy.