Lagos State will soon be joining the league of oil producing states in Nigeria in 2015 as the joint venture partners on the Aje Field offshore Lagos have made their final investment decision regarding exploration of the field.
According to CityPeople, a group led by Yinka Folawiyo Petroleum Company Limited will be developing the first phase of the Aje shallow water oil field for $220m. The goal 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 is expected to form the first producer, while drilling of Aje-5 is expected to be the second.
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