- Category: Business and Economy
- Published on Wednesday, 12 May 2010 07:41
- Written by Tribune
- Hits: 2051
Efforts aimed at exploring oil and gas in Lagos peaked on Tuesday, as the state government embarked on construction work to kickstart the project this year.
The state Commissioner for Waterfront and Infrastructure Development, Prince Adesegun Oniru, made this known at a news conference to mark the third anniversary of Mr. Babatunde Fashola’s administration in the state.
The commissioner said that construction work would start before the end of 2010 when a vast deposit of oil resources would be explored to augment the Internally Generated Revenue of the state.
According to Oniru, a gas exploration firm has been engaged to remove the gas so that oil production and exploration can take off immediately.
“That has been achie-ved. We are going to flare gas. We are planning to explore it to generate more revenue and protect of environment,” the commissioner said.
Though the commissioner did not mention the actual quantity of the oil deposit, but stated specifically that the crude was discovered in Badagry area of the state.
Oniru explained that oil production and exploration in the state had been largely constrained by a large volume of gas lying on the oil resources and explained that the constraints had been properly and technically addressed.
“The Department of Petroleum Resources, a federal agency has since granted Yinka Folawiyo Petroleum Company Limited OML 113 and British Gas Exploration and Production Limited OPL 223 to operate on the oil fields in the state,” he said.