Drilling of oil on the Aje-5 production well has commenced from the Aje shallow-water field offshore in Lagos.
The Punch reports that this is the first phase of two-phase development plan for the field.
Panoro Energy, which is one of the firm involved in the project said in a statement that the drilling would take about 70 days.
“Following drilling, the Aje-5 well will be completed as a subsea oil production well.
“The drilling and completion for Aje-5 is expected to take approximately 70 days. Following this, the rig will be used to re-enter the existing Aje-4 well to complete it as a second Cenomanian subsea oil production well.”
The firm predicted that production would commence at the end of 2015 with an estimated output of 1,100 barrels of oil per day.
“Production is expected to commence by year-end 2015 at an initial anticipated production flow rate of approximately 1,100 barrels of oil per day, net to Panoro from these two wells, in accordance with the first phase of the approved Field Development Plan.”
Meanwhile, Senator Shehu Sani representing Kaduna Central Senatorial zone rejected calls for the removal of fuel subsidy.
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