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Firm to commence oil export from Lagos in August

By Olaolu Oladipo, Lagos

A local oil prospecting firm, Yinka Folawiyo Petroleum Company Limited and its technical partner, Panoro Energy of London, United Kingdom have announced that crude oil lifting would commence from a field located offshore of Lagos State in August. The announcement follows the commissioning of a production and storage vessel for the crude in recently.

Governor Akinwunmi Ambode had in May officially declared that the state had joined the League of Oil Producing States in Nigeria following the discovery of crude oil by Yinka Folawiyo Petroleum Company Limited (YFP) in the state.

The company however stated that the targeted stabilised production rates have not yet been achieved, due to mechanical issues and Nigerian regulatory approvals.

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