Oil Exploration to Commence in Lagos by 2015

The Chairman, Committee on Energy, Mineral Resources and Waterfront Infrastructure, Hon. Lanre Ogunyemi, revealed that the Lagos State is likely to commence oil and gas exploration by next year, following the large deposit of oil found in some parts of the state which are Epe, Ibeju-Lekki and the Badagry axis. He revealed this in Lagos, explained that the state House of Assembly has enacted an enabling law to that effect.
Ogunyemi said: The Folawiyo Group has decided to partner with the Ministry of Energy in the state and soon after, Lagos would be among the oil producing states. Exploration trends will follow the industry’s perception of the next best resource base to explore and develop, which incorporates both the scale and quality of the resource and the cost of its development.
“Through exploration, acquisitions, strategic partnerships and technological expertise, Lagos State is in pursuit of the growth strategy. Natural gas is a future-oriented resource in global energy supplies and there are sufficient supplies of this climate-friendly, cost-effective, and safe fuel.’’
Speaking on the challenges facing oil exploration, he said, competition for natural resources has driven companies to explore and produce in unkind, distant and even hostile locations, where even the simplest of logistical tasks can be difficult and pricey.
He added, there is a power plant like Alausa Power Plant, which supplies electricity to Alausa secretariat and some parts of Obafemi Awolowo Way, which is good for the health of the people since generators have been eliminated from these areas.
He also added that they will soon launch the Maryland Power Plant to power government offices and other MDAs, and that they have Lagos Island Power Plant too.
He said there is systemic failure because they have not put appropriate measures in place to achieve their projection. They found out that the government has allowed a lot of failures to happen in reforming the sector and corruption is also responsible for the constant power failure in the country.
   

Category: 
myfinancialintelligence.com