……Exploitation Begins in Lagos Soon
The list of oil producing state in Nigeria will soon increase with last week news that two oil exploration companies are poised to commence the exploitation of oil and gas in the state.
The announcement also coincided with a meeting between officials of the sate government and two oil and gas companies, namely : Folawiyo Petroleum Company Limited and British Gas Exploration and Production Limited about the oil finds.
Confirming the development, the state Commissioner for Waterfront Infrastructure Development, Prince Adesegun Oniru disclosed that a vast deposit of oil resources had been discovered off shore in Badagry area of the state. He spoke during a press briefing to mark the third anniversary of the state Governor, Babatunde Fashola (SAN).
The commissioner said 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.
He equally disclosed that Department of Petroleum Resources had already 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 however explained that the companies could not immediately commence exploitation because “oil production and exploration has not started. It is not as simple as that due to some constraints. In the discovery, a vast deposit of gas was found lying on the oil resources. To exploit oil resources, there is a need to get the gas out first”.
“A gas exploration firm has already been engaged to remove the gas so that oil production and exploration can take off immediately. That has been achieved. We are going to flare gas. We are planning to explore it to generate more revenue and protect of environment,” he added.
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