Very good news. More Money into meaningful development

geeez: By Clara Nwachukwu
LAGOS—Nigeria’s commercial capital, LAGOS, is on the verge of joining the country’s oil-producing states with the discovery of crude oil in commercial quantities in the coastal state.
Yesterday, Afren Plc and its partner, Lekoil Limited, announced significant oil discovery offshore Dahomey Basin in Lagos, according to the London Stock Exchange.

In separate announcements, the partners said they discovered a significant light oil accumulation based on the results of drilling and wire line logs from a high impact Ogo-1 well, located on the Oil Prospecting Licence, OPL 310 offshore Nigeria.
Afren is optimistic that the discovery is likely to be significantly higher than the anticipated 78 million barrels of oil equivalent (mmboe), which encourages search to further high potential zones.
The discovery is subject to the authentication of the Department of Petroleum Resources (DPR), which is expected in two weeks.
If certified and the partners produce the first barrel of oil, Lagos will become the 11th oil producing state in Nigeria, a club Anambra State joined recently. It will also boost the economy of Lagos, which currently generates about N29 billion internally every month.
The other oil producing states are Akwa Ibom, Bayelsa, Rivers, Delta, Ondo, Abia, Imo, Edo and Cross River.
Geological studies indicate that the Dahomey Basin is a combination of inland/coastal/offshore basin that cuts across some West African countries including Lagos, Nigeria as well as Southeastern Ghana, Togo and the Republic of Benin.
The basin is said to be separated from the Niger Delta by a surface basement popularly called the Okitipupa Ridge.
“The Ogo-1 well has been drilled to a total measured depth of 10,518 ft (10,402 ft true vertical depth sub sea), and has encountered a gross hydrocarbon section of 524 ft, with 216 ft of net stacked pay.
“The well was targeting 78 mmboe of gross P50 prospective resources, but based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates,” Afren said in a statement made available to Vanguard.
The company added that “further evaluation using wire line log analysis is currently underway prior to extending the well to a total measured depth of 11,800 ft (11,684 ft true vertical depth sub sea) to target further high potential zones.”
DPR yet to authenticate discovery
However, speaking with Vanguard on phone, the DPR said authentication of the discovery could only come after side-tracking (ST) verifications.

OPL 310—Map showing the location of OPL 310 , along the Dahomey Basin.
A top management source in the upstream unit of the regulatory agency, said: “As far as we are concerned, the discovery for now is very speculative. The side track will indicate whether the resource they have found is actually crude, and this verification takes about two weeks. Thereafter, the company will communicate the tracking result to us, after which we will certify the discovery.”
Partners plan side track
Ahead of the planned ST, Afren expressed confidence that estimated reserves of about 124 mmboe have a better than 50 per cent, P50, chance of being technically and economically producible.
“Partners intend to drill a planned side-track, Ogo-1 ST, which will test a new play of stratigraphically trapped sediments that pinch-out onto the basement high targeting 124 mmboe of gross P50 prospective resources,” it confirmed in the statement.
Commenting, the Chief Executive of Afren, Mr. Osman Shahenshah, said: “The discovery of oil in the Ogo-1 well opens up a new oil basin in an under-explored region and represents a possible extension of the West African Transform Margin.
“Based on evidence to date, targeted resources are likely to be significantly in excess of previous estimates, with some high-potential zones still to be drilled. We look forward to working with our partners to realise the full potential of Ogo 1 and our additional prospects on the licence.
“The Ogo-1 exploration success follows a series of recent discoveries, Okoro Field Extension, Ebok North Fault Block and Okwok in Nigeria and Simrit-2 and Simrit-3 on the Ain Sifni Block in the Kurdistan region of Iraq.”
On his part, Lekoil CEO, Mr. Lekan Akinyanmi, said: “The discovery of oil in the Ogo-1 well opens up a new oil basin in an under-explored region and represents a possible extension of the Cretaceous play along the West African Transform Margin. The discovery is a clear validation of Lekoil’s technical analysis and of our extensive studies on the Dahomey Basin.
“Results to date indicate that the discovered resources could be significantly in excess of P50 estimates prior to drilling. While Lekoil notes these results are preliminary, we believe there exists substantial scope for upward revisions to the data announced today (Wednesday) as drilling and interpretation continues.
“We look forward to working with our partners to realise the full potential of Ogo and the additional prospects on the licence.”

http://www.vanguardngr.com/2013/06/oil-discovered-in-lagos/

GEJ is working!
God bless my mentor..

Chei...Tinubu don finally hama

Is this meant to be news? Wasn't the discovery made some years back?

Anyway, I don't see it as anything to rejoice over.

This is an old news, it was discovered long b/4 now

nairaman66: unconfirmed reports.. Beer parlor gist!

LMAO

WELL I GUESS ITS TIME FOR AL-CIADA TO MIRACULOUSLY APPEAR IN LAGOS THEN. EXPECT AN AMERICAN MILITARY BASE IN IKEJA ANYTIME SOON

Its good news though but it came at a time when other countries have discovered oil so i don't really see this as a big boost to the Nigerian economy.

Agberos and omo oniles don hammar.

goldfish80: Is it only oil? When will Gold,Diamond,uranium be found in Nigeria?

when i become president

I hope this well not create problem here? Cos oil eguals violence,kidnapping etc

But I trust yoruba they are well coordinated

this is good news for lagos, at least if this is explored they will have more money to better the lives of their citizens

your guess is as good as mine which Lagos State Consultant will get first dibs at this OYEL money The Oracle of Bourdillion does not sleep nor slumber

Well written bro.

simpleseyi:

I am a Yoruba boy, flesh and blood. On behalf of all Yorubas, I say that you are mad for spitting this rubbish. Pls my brothers from the SS and SE pls ignore this fool, he is not speaking the mind of we Yorubas, remember that there are bastards here and there, this fool is just one.

SHAME ON YOU ALL
While I will be happy if this happens to be true, its shameful how we think Oil is synonymous with good living and improvement of living standard.
Ask Angola, Sudan, and even most of the South-South states, what have they done with their rich oil deposits?

rottenegg: More money for Tinubu!

I dey tell you! Tinubu go become Trillionaire overnight.

devour129: very soon niger deltans will drink and eat there oil. they are typically lazy so will sufer most when oil become useless

wish there was an unlike button

simpleseyi:

I am a Yoruba boy, flesh and blood. On behalf of all Yorubas, I say that you are mad for spitting this rubbish. Pls my brothers from the SS and SE pls ignore this fool, he is not speaking the mind of we Yorubas, remember that there are bastards here and there, this fool is just one.

My guy this is the new way of bashing on NL, they say something disgraceful and act as if they are representing a particular ethnicity whereas they are not, they just like to generate strife over nothing

rottenegg: More money for Tinubu!

If you dislike Tinubu this much, go and hug a brand new chinco transformer, you can never achieve what he has achieved, if you like go and become your village chief...

Alfa or what ever u call urself. u are so myopic in thinking/expression and so tribalistic.I tink u must be a foreigner, proberly from Niger or Mali. Ur expression is a sell out. I jst feel ashame of u with ur uterrances, Dont blame u much can understand alfa is suppose to work in the mosque not much knowledge required abi sorry if u can do his evening programme good for u or attempt the Open University it can help u out of ur ignorance.

OP Are u sure aside Ondo oil has also been discovered in Ogun too?
Anyways this is quite good news for the NG and SW economy-Get.OIL will always be wanted especially NG oil that is so unique is all about influence & economic power which i belief NG has got.HURRY FOR SW it will sure go along way.here we go-GOOD NEWS INDEED.

God bless our southwest.

Durchmann:

I don't know about diamond but gold and uranium have some deposits in Nigeria already.

Am not talking about low quality gold

Why is Kogi state not mentioned as oil produce in Nigeria?

chidindufrank: Na lie. Na red oil wey pour from market women kegs dem find o.

The one for motor or cooking?

Oh boy,d woman wicked o. she already know say d ears of certain "jews" will start vibrating like hair clipper without control wen they hear such thing as "oil" ,talk less d "La.." dat it is found..

cnwamo: Well written bro.

If to say u b woman, I for Buy u drink... Nw u b man, Next world try b woman ma Buy am for u

my fellow Geologists in d hauz plz indicate.....