Lagos State will commence oil and gas exploration by next year, following the discovery of large deposit of oil in Epe, Ibeju-Lekki, and the Badagry areas of the state.
The Chairman, Committee on Energy, Mineral Resources and Waterfront Infrastructure, Hon. Lanre Ogunyemi, who disclosed this in Lagos, explained that the state House of Assembly has enacted an enabling law to that effect.
"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 said
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