Yinka Folawiyo Petroleum Company Ltd

YINKA FOLAWIYO PETROLEUM COMPANY LIMITED.

YFP is one of the leading few indigenous, privately owned and managed oil companies in Nigeria. It was incorporated in 1982 as an integral member of the Yinka Folawiyo Group of Companies.

The company was granted an Oil Prospecting License (OPL 309) in June 1991 as a Sole Risk Contract under the Nigerian government’s Indigenous Allocation Programme, which was put in place to encourage the development of a locally owned and operated Nigerian upstream Oil industry. The total area covered by the concession block was 1699 sq km.

Following the acquisition of 2D Seismic data in 1994/95, and the drilling of the Aje-1 well in 1996, the Aje field was discovered. A second well, Aje-2, was drilled the following year in 1997. After the successful drilling and testing of both wells, OPL 309 was converted to Oil Mining License (OML) 113 in 1998 with an initial term of 20 years.

Under the hydrocarbon laws of Nigeria, this conversion to an Oil Mining License marks the recognition by the Nigerian government that an exploitable hydrocarbon accumulation has been discovered. The OML 113 mining lease runs through July 2018 and may be extended upon application to the Nigerian petroleum authorities. 

 

The Aje-1 exploratory well was drilled in 1996 and encountered commercial hydrocarbon in the Turonian reservoir of the field. The Aje-2 appraisal well, drilled in 1997, confirmed the Hydrocarbon discovered in Aje-1 Turonian reservoir, and further discovered a new deeper oil pay in the Cenomanian reservoir interval.

 

Aje-3 was drilled in 2005 to confirm the structural interpretation and resolve fluid distribution. Aje-4 well was drilled in February 2008 with the objectives of evaluating the gas and oil accumulations in the Turonian and Cenomanian sandstone reservoirs discovered in the Aje-1 and Aje-2 wells. Secondary objectives were to test the hydrocarbon-bearing potential of the Albian Carbonates and Upper Synrift section up-dip of Aje-2. The objectives of the well were successfully realized.

The Aje Development was in the ‘Feasibility Stage’ through most of 2008. This stage involved the identification and assessment of different scenarios for the project from both technical and commercial standpoint. The project entered the Selection Stage in December 2008 with the declaration of ‘commerciality’ of the Aje field by partners

 

Folawiyo Aje Services Ltd (FASL) is a wholly owned subsidiary of YFP and serves as the Technical Advisor for the JV. It is made up of consultants and staff from the JV partners.

VISION STATEMENT

Our vision is to be the foremost indigenous exploration and Production Company in West Africa.

MISSION STATEMENT

Our mission is to set unparalleled standards in the Nigerian Oil and Gas industry, with the objective of creating a new vista of untapped petroleum resources through the development of exploration activities in Nigeria.

CURRENT AJE STATUS

The current Aje partnership is made up of Yinka Folawiyo Petroleum (Operator), New AGE (African Global Energy), First Hydrocarbon Nigeria Ltd (FHN), Energy Equity Resources (EER), Panoro, and Jacka Resources, PR oil and gas. The partnership was formed in August 2013.

The Aje project is an Oil & Gas development including Condensate & LPGs. From 2008 to date, the project has successfully carried out post wells evaluation of the field, subsurface evaluation, and Pre-field activities.

In accordance with DPR regulations, 50% of the OML was relinquished in 2009. The current concession area is 849.5sq km.

PRODUCTION OF FIRST OIL AT AJE FIELD

Yinka Folawiyo Petroleum Co. Ltd (“YFP”), has commenced production of crude oil from its Aje Field located in Block OML 113 offshore Lagos, Nigeria.

YFP is a wholly owned Nigerian company and is the Operator of OML113. 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.

After over 25 years of exploratory, appraisal and developmental activities, YFP has 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 {and is the first production outside of the Niger Delta.}

Commissioning of the Front Puffin FPSO was successfully completed after its arrival in Nigeria on 16th March 2016. Oil produced from the Aje field will be stored on the Front Puffin, which has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels.

The Chairman of YFP, Tunde Folawiyo, said: “The attainment of this milestone is indeed a laudable achievement not just for YFP but for the Nigerian oil and gas industry as a whole and indeed Lagos State which can now be addressed as an oil producing state. Recording this achievement in the present global oil climate together with the peculiar challenges of the field is clearly no mean feat. We are very proud of and appreciate the efforts, determination and commitment of the entire Aje Project team past and present the constant support from our regulators, the DPR and Ministry of Petroleum and our financiers. We believe this crucial support will spur us on to even greater achievements.”