Indications have emerged that Lagos State will likely commence oil and gas exploration by next year, following the large deposit of oil found in some parts of the state like Epe, Ibeju-Lekki, and the Badagry axis.
The Chairman, Committee on Energy, Mineral Resources and Waterfront Infrastructure, Hon. Lanre Ogunyemi, who made this known in Lagos , stated that the state House of Assembly has enacted an enabling law to this effect.
Ogunyemi said: “The Folawiyo Group is partnering with the Ministry of Energy in the state and very soon, Lagos would join 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,” he added.