The recent discovery of oil in Lagos State 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.
Speaking in his office in Lagos on Monday during a visit by the leaders of the League of African Development Students, the Group Executive Director, Dangote Industries Limited Mr. Devakumar Edwin, said it was a good development that Lagos was now an oil producing state, adding that this would further strengthen the country’s oil output.
He 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.
Edwin was quoted to have said in a statement issued by the firm, “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.
He added, “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.”
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