09 May 2016, Lagos – Nigeria’s quest for increased crude oil production and reserves is on the verge of being achieved with the commencement of oil exploration in offshore Lagos, at the Aje field located in Oil Mining Lease 113.
Though the actual quantity of current production was not stated, it is expected that production from the well would contribute to Nigeria’s attainment of four million barrels per day crude oil target and also help achieve the daily target of 2.5 million barrels.
It is also expected to boost the country and Lagos State’s revenue profile, generate employment and make positive contribution to the economy of the country in general. However, the commencement of production also raises certain questions and concerns, especially as it concerns the management of proceeds from the field. This is mainly due to the large-scale corruption that has bedeviled the Nigeria’s oil and gas sector over the years.
There is also concern around environmental management, mostly because of the fact that most of the communities in the Niger Delta are currently battling with environmental pollution and degradation of immense proportion, due to oil exploration activities within the area.
Aje is an offshore field located in Oil Mining Lease (OML) 113 in the western part of Nigeria, in the Dahomey Basin. The field is situated in water depths ranging from 100 to 1,000 metres about 24 km from the coast. 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.