Oil Discovery, Boost to National Reserve - Lagos Government Boasts

Oil Discovery, Boost to National Reserve - Lagos Government Boasts

Oil Discovery, Boost to National Reserve - Lagos Government Boasts

Lagos state Government, on Thursday, confirmed that it was aware of the discovery of crude oil in commercial quantities in the state, describing it as "a boost for the nation's oil reserve drive".

It will be recalled that, Wednesday, Afren Plc and its partner, Lekoil Limited, announced significant oil discovery offshore Dahomey Basin in Lagos

The discovery is subject to the authentication of the Department of Petroleum Resources, DPR, which is expected in two weeks.

If certified and the partners produce the first barrel of oil, Lagos will become the 11th oil-producing state in Nigeria, a club Anambra State joined recently.

It is also expected to boost the economy of Lagos, which currently generates about N29 billion internally every month.

The other oil-producing states are Akwa Ibom, Bayelsa, Rivers, Delta, Ondo, Abia, Imo, Edo and Cross River.

Geological studies indicate that the Dahomey Basin is a combination of inland/coastal/offshore basin that cuts across some West African countries including Lagos (Nigeria), South-Eastern Ghana, Togo and the Republic of Benin.

Commissioner for Energy and Mineral Resources, Engr. Taofiq Tijani, said the governor and the people of Lagos State were optimistic of the economic boom that the oil discovery will bring to the nation and the state in particular.

He said: "We at the Ministry of Energy and Mineral Resources have done our work on oil and gas within our state.

"We know about a company, Agip group, owned by Folawiyo, that drilled and found oil seven years ago but is yet to commence operation. They are yet to drill the oil they found.

"We are also aware about this new discovery. We know about that oil bloc, AML Group of companies. We know they have been building that bloc many years back."

We were aware when they found the oil and they contacted us so that we can work in partnership to develop that bloc. So we are in touch with them.

"We know about another bloc 44 3311, owned by Sunlink. We have also been interacting with all the professional groups, Geologists, Geo-physics', petroleum engineers and stakeholders to know about the kind of resources that have been found within our off shore, onshore Lagos.

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