Lagos a state out of Nigeria is said to have discovered crude oil deposits in commercial quantities it has emerged.
In a report by Vanguard Nigeria ,commercial capital, Lagos, is on the verge of joining the country's oil-producing states with the discovery of crude oil in commercial quantities in the coastal state.
Yesterday, Afren Plc and its partner, Lekoil Limited, announced significant oil discovery offshore Dahomey Basin in Lagos, according to the London Stock Exchange.
In separate announcements, the partners said they discovered a significant light oil accumulation based on the results of drilling and wire line logs from a high impact Ogo-1 well, located on the Oil Prospecting Licence, OPL 310 offshore Nigeria.
Afren is optimistic that the discovery is likely to be significantly higher than the anticipated 78 million barrels of oil equivalent (mmboe), which encourages search to further high potential zones.
The discovery is subject to the authentication of the Department of Petroleum Resources (DPR), which is expected in two weeks.
If certified and the partners produce the first barrel of oil, Lagos will become the 11th oil producing state in Nigeria, a club Anambra State joined recently. It will also boost the economy of Lagos, which currently generates about N29 billion internally every month.
Read full report after the cut..
