Benefits of Lagos oil find, by Dangote

Dangote

Dangote

Discovery of petroleum in Lagos in commercial quantity has been described as a good omen for the development of the oil and gas industry, which Dangote refinery will benefit from.

Group Executive Director of Dangote Industries Limited Mr. Devakumar Edwin, said this in his office in Lagos during a visit by the leaders of the League of African Development Student (LEADS).

It will also boost Nigeria’s oil output, he noted.

He stated that Dangote Refinery and Petrochemical would be more than willing to partner the state and the federal government in ensuring that the oil production from Lagos add value to the economy of Lagos and the nation at large.

He said: “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 benefits 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.”

Edwin pointed out that though the crude oil prices may be unattractive at the moment, which has made major IOCs to slow down, “it did not mean that the oil and gas industry was devoid of development.”

The Dangote Group boss said although it is just in its early phase, the Badagry petroleum find will be a lot more attractive for investments, when prices begin to rise at the international oil market.

He stated: “The crash in the global crude oil price is not making it attractive to invest and make a sustainable investment. No attractive investments in deep water, but perhaps shallow waters. Oil majors are cutting down on their investments, and also retrenching, I will be surprised if people go in fast into Badagry. But, by and large, it is a welcome find, for when the prices begin to rise, we will begin to reap the benefit.”

The group early last year ventured into oil and gas when it began the construction of the largest single industrial undertaking in the world, the Dangote Refinery and Petrochemicals.

The project is sited at the Free Trade Zone, Ibeju-Lekki, Lagos.

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7 Comments
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  • infinity2020

    Congratulation to Lagos state.I hope this oil find will not bring poverty to Lagosians

  • bbr

    Welcome on board Lagos, bye bye to Niger-Delta

    Prostitution: Stella Dimoko’s aide arrested

  • Oneme Egume

    Regardless of the current challenges in the oil market, the find is a welcome development.

  • okpada

    Lagos state is a well managed state

  • ola

    The answer is simply diversify. You can have more oil than Saudi Arabia but we need to apply common sense.
    Most of the Arab countries do not suffer from recession ie oil revenue but they survive because they have invested wisely abroad on real estate and other areas.

    Nigeria on the other hand divert revenue to their private accounts.

    The middle east does have its problems as the so called privilege families/ sheikhs control the wealth.

    • fubar

      They survive because they have small populations and huge oil reserves. Nigeria has a vast population that grows uncontrollably and much smaller reserves relative to the Middle East.

      But you’re wrong about them not experiencing recession – Kuwait has had to cut its spending as a result of the downturn in the price of oil. No more subsidized petroleum products; the introduction of income tax; fewer cushy/unnecessary public sector jobs.

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