Commercial quantity of crude oil have been recently discovered The recent in Lagos State and this comes as a positive development for Nigeria’s oil and gas industry.
Excited with this development, Dangote group yesterday speaking to the League of African Development Students on a visit to the group’s Lagos office said said it was a good development that Lagos was now an oil producing state, that this would further strengthen the country’s oil output.
Dangote Industries Limited Executive Director Mr. Devakumar Edwin, stated that Dangote Refinery and Petrochemical would be more than willing to work with the state and the Federal Government in ensuring that oil production from Lagos would add value to the economy of the state and the nation at large.
“We are very happy at the discovery of oil in Lagos. It is indeed a good and welcome development for us as a company. It will accelerate the growth level of the state and also be of immense benefit to the residents and the country at large.
“Not only will Lagos be regarded as an oil producing state and share out of the derivation fund, but Lagos will continue to be an invaluable partner to the Dangote Group with the Dangote refinery in Ibeju-Lekki.”
He pointed out that though crude oil prices might be unattractive at the moment, a situation that had made major International Oil Companies to slow down, “it did not mean that the oil and gas industry is devoid of development.”
The Dangote Group boss said although it was just in its early phase, the Badagry oil find would be a lot more attractive for investments, when prices begin to rise at the international market.