Lagos State government said a foundation has been laid for improved energy supply across the State with the official opening of Ibile Oil and Gas Office in Ikoyi, Lagos, assuring that the State Government is now prepared to harness the economic benefits of its oil and gas sector.

Speaking on Monday at the event, Governor Ambode who was represented by the Commissioner for Energy and Mineral Resources, Mr. Wale Oluwo said that it was not enough to discover oil and gas in the State without exploring its advantages for the benefit of the populace.

In his words, “It is not enough for the State government to discover oil in Lagos or for us to regulate it but to ensure that the State benefits from the opportunity of this discovery for improved revenue generation such that more developmental projects would be delivered to residents of the State.”

He explained further that Ibile Oil and Gas was set up as the business arm of the State Oil and Gas industry including upstream and downstream activities with the overall responsibility of ensuring that the interest of all stakeholders is fairly and adequately protected.

Governor Ambode explained that he is aware of the multiplier effect that a viable Oil and Gas industry will bring in terms of investment opportunities in its allied industries and sectors, hence his commitment to develop strategies and policies that will particularly aid the development of the sector .

“Dangote refinery, the largest in Africa and one of the biggest in the world will soon come on stream at the Lekki Free Trade Zone. This multi-billion dollar investment will effectively complement the oil exploration activities of Yinka Folawiyo Petroleum and other exploration companies that will also operate in the Dahomey Basin in the future. All these put together will put Lagos State on the international scene as preferred business destination”, Ambode stated.

He further assured stakeholders in the Oil and Gas sector that his administration is also working assiduously to curtail the potential risks inherent in the oil exploration industry in term of oil spills, gas flaring, community conflicts, youth restiveness, health and safety issues that might pose threat to the citizens and the environment.

Earlier, the Managing Director of Ibile Oil and Gas, Ms. Olaore Debayo-Doherty said that the corporation is poised to develop energy security for the State and also contribute to her GDP and economic development.

She disclosed that the State government’s priority is to give Lagosians energy security which includes electricity, security and oil and gas as well as to ultimately position the Corporation as a key player in the Oil and Gas sector.

According to her, the flagship project before the Corporation is the Gas project which should deliver gas to Lagos State by 2019.

“Right now, we are finalizing the front-end design and development works in the gas commercialization project. It will enable the achievement of the realisation of the State’s aspiration to become the preferred business hub in Africa, grow the economy and transform the State into a developed mega city” the Managing Director added.

She said that the Corporation is open to private partnership both locally and internationally, adding that Ibile Oil and Gas is deploying international best practices, due diligence and social responsibility in the discharge of its mandates.

While noting that some investors and partners were already showing interest in the Corporation, Doherty hoped that more partners would in due course identify with the Corporation.

 

Source: Lagosstate.gov.ng

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