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Business It's Official: Lagos to Begin Production of Crude Oil in 2015



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Lagos state is set to officially become Nigeria's 11th oil producing state next year as work begins on the Aje Shallow water oil field, Nigerian Watch reports.


Lagos is to officially become one of Nigeria's oil-producing states next year after the joint venture partners on the Aje Field offshore well took a decision to begin commercial exploration in 2015.
In 1999 when Nigeria returned to democratic rule, it declared nine states as oil producing and constituted them into the Niger Delta Development Corporation. Abia, Imo, Ondo, Edo, Delta, Akwa Ibom, Cross River, Bayelsa and Rivers States were joined by Anambra State in 2012 when it too began commercial oil exploration.
When Lagos State starts production, this 10 will now become 11 and Lagos will also be entitled to the 13% derivation which all oil-producing states enjoy. A consortium led by Yinka Folawiyo Petroleum Company will develop the first phase of the Aje shallow water oil field for $220m.

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