The recent discovery of oil in Lagos in commercial quantity has been
\ndescribed as a good omen for the development of the oil and gas industry
\nwhich Dangote refinery will benefit from.<\/p>\n
Speaking in his office in Lagos during a visit by the leaders of the
\nLeague of African Development Student (LEADS), Mr. Devakumar Edwin, Group
\nExecutive Director of the Dangote Industries Limited said it was a good
\ndevelopment that Lagos is now a proud oil producing state adding that it
\nwill further strengthen oil output from the country<\/p>\n
He stated that Dangote Refinery and Petrochemical would be more than
\nwilling to partner the state and the federal government in ensuring that
\nthe oil production from Lagos add value to the economy of Lagos and the
\nnation at large.<\/p>\n
Said he: \u201cWe are very happy at the discovery of oil in Lagos. It is indeed
\na good and welcome development for us as a company. It will accelerate the
\ngrowth level of the state and also be of immense benefits to the residents
\nand the country at large. Not only will Lagos be regarded as an oil
\nproducing state and share out of the derivation fund, but Lagos will
\ncontinue to be an invaluable partner to the Dangote Group with the Dangote
\nRefinery in Ibeju-Lekki.\u201d<\/p>\n
Edwin pointed out that though the crude oil prices may be unattractive at
\nthe moment, which has made major IOCs to slow down, \u201cit did not mean that
\nthe oil and gas industry was devoid of development.\u201d<\/p>\n
The Dangote Group boss said although it is just in its early phase, the
\nBadagry oil find will be a lot more attractive for investments, when
\nprices begin to rise at the international oil market.<\/p>\n
\u201cThe crash in the global crude oil price is not making it attractive to
\ninvest and make a sustainable investment. No attractive investments in
\ndeep water, but perhaps shallow waters. Oil majors are cutting down on
\ntheir investments, and also retrenching, I will be surprised if people go
\nin fast into Badagry. But, by and large, It is a welcome find, for when
\nthe prices begin to rise, we will begin to reap the benefit.\u201d<\/p>\n
It would be recalled that the Dangote Group early last year ventured into
\noil and gas when it began the construction of the largest single
\nindustrial undertaking in the world, the Dangote Refinery and
\nPetrochemicals.<\/p>\n
The project sited at the Free Trade Zone, Ibeju-Lekki, Lagos, sitting on
\nover 2,630 hectres of land, an area 8 times larger than Victoria Island,
\nLagos, will have a refining capacity of 650,000 barrels of crude per day
\ncompared to a combined capacity of 445,000bpd of all currently existing
\ngovernment\u2019s four refineries.<\/p>\n
When completed, the project is expected to meet the yearnings and
\naspirations of Nigerians who have been subjected to frequent acute
\nscarcity of petroleum products and also save Nigeria over $7.5billion
\nthrough import substitution.<\/p>\n
The entire project will cost the Dangote Group over $12billion with the
\nrefinery projected to be ready by first quarter of 2019 while the
\nfertilizer plant will be ready early 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"
The recent discovery of oil 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…<\/p>\n","protected":false},"author":1,"featured_media":44653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-53306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n