Oil Discovered in Lagos

LAGOS—Nigeria’s 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.