Nigerian firm strikes Nigerian oil

Nov 21, 1996 01:00 AM

An Nigerian oil firm has found crude oil in the country's sector of the Benin Basin. "The discovery is located in OPL 309 offshore Lagos named Aje-1 with potential for production capacity of 5,500 barrels per day of crude," Yinka Folawiyo Petroleum Co told. Man. dir. Folawiyo said his company, a joint venture partnership with Liberty Technical Services, would soon commence drilling of a second well. It is an 18-month programme which is expected to lead to production start-up. Total cost will be around $75 million. The Nigerian government awarded some acreages in the Niger Delta basin to wealthy local businessmen in 1991 in a bid to have more indigenous participation in the upstream sector of the oil industry, the country's economic backbone. The nation's 2 mmbpd crude oil output now is almost entirely from joint venture partnerships with multinational oil firms.

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