Wow: UK To Receive Cargo Of Lagos Oil In September For The First Time

The much anticipated first ever crude oil export
cargo from the Aje field, offshore Lagos, will be
shipped to the United Kingdom in September.

Following the commencement of the first oil
production at the Aje field in May 2016, Panoro
Energy, the London-based energy firm in partnership
with operator Yinka Folawiyo Petroleum Company
Limited (YFP), announced in July that the first crude
oil lifting for export from the Aje field would begin
by the end of August.

The company, while announcing its second quarter
2016 results and operations updates on Tuesday,
however said it expected to sell the first cargo of
Aje crude during September and that Glencore
Energy UK Limited had been selected for its offtake.

The firm confirmed that Nigerian regulators recently
officially approved production and the export sale
from Aje.

It said in the update that the average gross daily
production at Aje as calculated from May to mid-
August was 5,500 barrels of oil per day (bopd),
which included the entire testing, commissioning,
and approval period completed in mid-July.

Commenting on the results and update, the CEO of
Panoro Energy, John Hamilton, said achieving oil
production at Aje in the second quarter was a
milestone for the company.

“We expect to sell our first cargo of oil during
September, representing the start of positive cash
inflows from the Aje project.

“Realising the full potential at Aje is the key priority
for the company and we remain focussed on
moving the Dussafu project forward in Gabon,” he
said.

Governor Akinwunmi Ambode had in May
announced that Lagos had officially joined the
League of Oil Producing States in Nigeria following
the discovery of crude oil by YFP in the state.

http://www.dailytrust.com.ng/news/business/uk-to-
receive-first-cargo-of-lagos-oil-in-
september/160289.html