First crude oil lift from Aje field FPSO due in August

First crude oil lift from Aje field FPSO due in August

Panoro Energy has announced that the commissioning of the Front Puffin FPSO, on the Aje field offshore Nigeria, has now been completed, and the FPSO is on hire following the 72 hour test.

The FPSO arrived in Nigeria in March and first oil production from the Aje field started on May 3, 2016. The field, discovered in 1997, is located on the OML 113 license offshore Nigeria with Yinka Folawiyo Petroleum Company as the operator, and Panoro as a partner in the licence.

Front Puffin has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels.

Panoro said on Tuesday that targeted stabilized production rates have not yet been achieved, due to mechanical issues and Nigerian regulatory approvals.

Until the outstanding issues are resolved, which could take until the end of 4Q 2016, production will be maintained at a restricted daily rate of approximately 7,000-8,000 barrels of oil. Panoro said it expects the first crude oil lifting from the Front Puffin FPSO to take place at the end of August.

Material reductions in operating costs have also been achieved at Aje, and continuing efforts are being made to secure further savings, the company noted.

Laboratory assays have been delivered on Aje crude oil which show it to be as expected a high quality grade of approximately 42 degree API and several international oil companies and trading houses have expressed interest in purchasing Aje crude, said Panoro.

Work continues for planning of Aje Phase 2 (additional Cenomanian oil wells) and Phase 3 (Turonian gas and condensate), and in evaluating the wider exploration potential on OML 113.

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