Lagos offshore oil field, Aje gas and condensate field, is set to begin oil production by 2014, the United States Energy Information Administration’s website reported.

According to information on the website, the oilfield which lies in Oil Mining Lease 113 in the Benin Basin – about 43 kilometres offshore Lagos is at its development stage and it is expected to produce between 50,000 to 80,000 barrels of oil per day.

The OML 113 licence, originally known as the Oil Operating Licence 309 covers an area of 960 square kilometers. The former license was awarded to YFP in 1991 to encourage the growth of the Nigerian oil industry before it was converted to OML 113 in 1998 after the successful discovery of the Aje field.

With a water depth of about 3,000 feet, the OML 113 licence also contains several prospects, including the Jubilee and Tweneboa fields.

While key shareholders in the field include Yinka Folawiyo Petroleum and Chevron; the later has been appointed as the technical advisor for the Aje Project with the additional responsibility of preparing a development plan for the field.