Yinka Folawiyo Petroleum has received consent from the Nigerian Minister of Petroleum Resources for the renewal of the OML 113 license.

MX Oil said on Friday that Yinka Folawiyo Petroleum was granted the renewal for another term of 20 years. According to the company, which has an investment in the license, the renewal is subject to the satisfaction of certain conditions, including a commitment to develop the gas potential of the license.

The OML 113 license is operated by Yinka Folawiyo Petroleum with New Age, Energy Equity Resources, Mx Oil, and Panoro as its partners. It is worth noting that the license, located in the western part of Nigeria in the Dahomey Basin, holds the Aje field which saw first oil flow from it back in May 2016.

Source: Offshore Energy Today