Oil discovered in Lagos

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 – See more at:

– http://www.vanguardngr.com/2013/06/oil-discovered-in-lagos/#sthash.Y6vsTivW.dpuf

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s