The Lagos State Government has said that it will be reviewing all the governing agreements on oil and gas exploration and production in the state as it prepares to attain the status of the 11th oil producing state in the country.
The Lagos state governor, Akinwunmi Ambode, who spoke at the just concluded 33rd conference of the Nigeria Association of Petroleum Explorationists (NAPE) which held in Lagos, however promised the operators that the state would provide incentives to compensate them for the risks being taken.
He urged International Oil Companies, indigenous oil producers as well as oil servicing companies in Nigeria to approach the challenges pose by global crude oil price fall with creativity, and innovative ideas to survive.
As a government, Ambode said the state would implement and support creative ideas and concept that would reduce the cost of running government, “ideas that would advance productivity in business and economic enterprise, ideas that will reduces economic and security risk, and ideas that makes life simpler and more meaning for the people”.
The Lagos state governor who was represented by the Commissioner of Energy and Energy Resources, Mr. Olawale Olowo explained that over the years, the global oil and gas industry has gone through circles of changes that have required the industry to adapt and to evolve.
He stressed that the challenges before the country is to determine how it can adapt to these emerging scenarios on the global and national oil and gas space in order to take advantage of them and shape them to the country’s advantage.