By Ayobami Adedinni
Folawiyo Aje Services Ltd (FASL), a wholly owned subsidiary of Yinka Folawiyo Petroleum, is the operator of the Operating Mining License (OML) 113 with a 60% interest, which began crude oil production on May 3, 2016.
It is a wholly owned Nigerian Oil and Gas company and is the Operator of OML113 with a 60% interest . The other partners are New Age Exploration Nigeria Limited, EER (Colobus) Nigeria Limited, Pan Petroleum (Panoro Energy) Aje Limited and PR Oil & Gas Nigeria Limited.
The remaining 40% is owned by a joint venture comprising Chevron Nigeria Deepwater, Vitol Exploration Nigeria, Panoro Energy, Energy Equity Resources and Jacka Resources.
After over 25 years of exploratory, appraisal and development activities, YFP successfully pioneered the opening of the Frontier Benin Embayment as the Aje Field is the first field to record production from this part of Nigeria, the first production outside of the Niger Delta.
Industry analysts see this as “a remarkable milestone capable of rekindling the hope of the Agencies such as Department of Petroleum Resources, (DPR), National Petroleum Investment Management Services (NAPIMS) and Nigerian Content Development and Monitoring Board(NCDMB) which have the responsibility of growing Nigerian Content to an ambitious level of about 50per cent by 2020 and re-invigorating the Nigerian -Can- Do -It spirit in the nation’s oil and gas industry.”
For its long-time dedication and support of the Nigerian content, YFP has been, without a doubt, the most consistently friendly Oil and Gas company rooted in the activity of driving the nation’s local content policy and a willingness to do whatever is necessary to contribute to the success of same.
It is equally on records that Aje field is also the first and only oilfield in Nigeria where exploration and appraisal activities have been undertaken solely by indigenous Nigerian companies without the direct involvement of an international oil company (IOC).
With this positive development Aje field is the first oilfield outside the Niger Delta to produce commercial volumes of hydrocarbons, which has helped in no small measure to prove the prospectivity of other frontier basins in Nigeria.”
Indigenous independent producer Yinka Folawiyo Petroleum (YFP) was named Upstream Company of the Year by a prominent media house no doubt for opening a new chapter in Nigeria’s oil and gas industry history . it ushered in a new chapter in Nigeria’s oil and gas industry history as the first company to strike oil outside of the Niger Delta.
This landmark achievement was realised on May 3, 2016, when more than 25 years of doggedness and tenacity paid off,” acting managing director Mobolaji Musah said.
The Aje field, located in OML 113, put Lagos on the list of Nigeria’s oil-producing states for the first time. After more than 25 years of exploratory, appraisal and development activities, Yinka Folawiyo successfully pioneered the opening of the Frontier Benin Embayment. YPF operates the Aje field using Floating Production Storage and Offloading. FPSO is a floating vessel located near an oil platform, where oil is processed and stored until it can be transferred to a tanker for transporting.
Receiving the award, Acting Managing Director , Yinka Folawiyo Petroleum Company Limited, said “A new-build FPSO was never an option. We were however fortunate to identify a vessel of opportunity, Front Puffin, in the Philippines that was at the end of its contract year with the capacity to process 45,000 bopd and store 750,000 barrels, which meets the specifications and requirements for the Aje fast-track oil development. We only had to make minor modifications to the existing topside, together with the addition of a metering skid, a regulatory requirement and gas compression modules.”
YFP is committed to the socio-economic betterment of the communities in which the it operates, focusing on development in the areas of Environment, Education, Economic Empowerment and Special projects (“EEES”).