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To be a strong player in the emerging Lagos State oil and gas sector, the Lagos State Government has not only announced the setting up of an oil corporation company, Ibile Oil & Gas, but indicated that the firm will begin operations in December.
Governor Akinwunmi Ambode made the revelation in Lagos yesterday during this year’s Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists.
The Governor represented by the Commissioner for Energy, Wale Olowu, said the state had established its own oil and gas corporation and would open for business by next month.
While explaining that the company would be involved in exploration, development, and production, among others, he noted that “We also want the development of the oil and gas industry in Lagos. We didn’t plan it originally. But now that we are seeing the evolution, we are doing everything possible to bring them together because on our west coast, we have found oil”.
“On the east coast, we already have Dangote refinery that is the largest in Africa and one of the largest in the world, and then in our centrals, we have the banks that can finance, the oil tank farms and then we have the seaport for export.”
The Federal Government had at inception made it clear that four of the five Aje oil wells discovered in Lagos belong to the state.