The Chairman, Committee on Energy, Mineral Resources and Waterfront Infrastructure, Lanre Ogunyemi, said in Lagos Monday, that Lagos State will commence oil and gas exploration by next year. This followed the discovery of large deposit of oil in Epe, Ibeju-Lekki, and the Badagry areas of the state .
Ogunyemi explained that the state House of Assembly has already enacted the enabling law to that effect. The lawmaker added that the Folawiyo Group was partnering with the Ministry of Energy in the state and very soon, Lagos would join the oil producing states. He explained that 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,” said Ogunyemi.
Speaking on the challenges of oil exploration, Ogunyemi noted that competition for natural resources has driven companies to explore and produce in harsh, remote and even hostile locations, where even the simplest of logistical tasks can be difficult and costly.
On the justification for the creation of the Ministry of Energy, Power and Mineral Resources, Ogunyemi, noted that many minerals are mined everywhere in the state, and the Ministry is driving the sustenance of provision of power for the state.