Late Biz Mogul Folawiyo's Oil Company Begins Production, As Lagos Joins Oil Producing States.

After over 25 years of hard work, late Lagos business mogul Iyanda Folawiyo's Oil company, Yinka Folawiyo Petroleum Co. Limited has broken a new record of being the first to begin production of crude oil in the South-West and indeed the first production outside the Niger Delta.

The company is said to have commenced production from its Aje field located in Block OML 113 offshore Lagos, Nigeria, on 3rd May, 2016, putting Lagos amongst the Oil producing states.

YFP was granted an Oil Prospecting License (OPL 309) by General Ibrahim Badamosi Babangida in June 1991 as a Sole Risk Contract under the Nigerian government’s Indigenous Allocation Program. The program was put in place to encourage the development of a locally owned and operated Nigerian upstream Oil industry.

Following the acquisition of 2D Seismic data in 1994/95, and the drilling of the Aje-1 well in 1996, the Aje field was discovered. A second well, Aje-2, was drilled the following year in 1997. After the successful drilling and testing of both wells, OPL 309 was converted to Oil Mining License (OML) 113 in 1998 with an initial term of 20 years.

Oil produced from the Aje Field will be stored on the FPSO, which has storage capacity of 750,000 barrels of oil and the ability to accommodate production rates up to 40,000 barrels per day.

The Aje field contains hydrocarbon resources in sandstone reservoirs in three main levels – a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir.

Yinka Folawiyo Petroleum Co. Ltd is believed to be completely owned by local investors.

According to Chairman, Yinka Folawiyo Petroleum Co. Limited, Tunde Folawiyo, “The attainment of this milestone is indeed a laudable achievement not just for YFP but for the Nigerian oil and gas industry as a whole and indeed Lagos State which can now be addressed as an oil producing state. Recording this achievement in the present global oil climate together with the peculiar challenges of the field is clearly no mean feat. We are very proud of and appreciate the efforts, determination and commitment of the entire Aje Project team past and present, the constant support from our regulators, the DPR and Ministry of Petroleum and our financiers. We believe this crucial support will spur us on to even greater achievements.”

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