AMBODE: WE’RE WARMING UP TO BE THE 11TH OIL PRODUCING STATE

November 11, 2015 – The Governor of Lagos State, Mr. Akinwunmi Ambode has explained that Nigeria is on the verge of becoming the 11th oil producing state in Nigeria.

Ambode who was speaking at the opening ceremony of the 33rd annual international conference of the Nigerian Association of Petroleum Explorationists (NAPE) admitted that increased production capability from unconventional sources in the United States of America was setting a new global baseline for oil output.

He commended the dogged and pioneering efforts of independent producers like Lekoil, Afren and Yinka Folawiyo.
Speaking through Commissioner for Energy and Mineral Resources, Mr Olawale Oluwo, the governor noted that the theme of the conference “Global Energy Dynamics and Implications for Nigeria`s Energy and Economic Security” could not have come at a more opportune time.

He said the theme provides Nigeria with the opportunity to measure the progress made so far in the development of oil and gas sector as well as evaluate obstacles that are yet to be surmounted in order to chart a new course for the future.

“Nigeria currently maintains an economically unstable negative energy trade balance in which the nation exports virtually all crude oil produced and imports a substantial part of it as refined petroleum thus under utilizing other energy sources such as Bitumen, Coal and Lignite”., he said.

He opined that over the years the global oil and gas industry has gone through cycles and changes that required the industry to adapt and to evolve, adding that the Shale oil revolution was having an unprecedented impact on the global energy landscape and economy.

He affirmed that the state believed in strategic partnership which, he said was why IBILE Oil and GAS CORPORATION was established to provide a vehicle through which the state can harness the gains of oil exploitation off its coast.

He promised that his government will provide the necessary incentives for the sustenance of the oil and gas business in Lagos State.

Earlier, in his key note address the sponsor of the conference, Mr. Layi Fatona declared that the Nigerian petroleum industry was in trouble and that it was time for a radical shift in focus.
He noted that despite the current dire circumstances of the Nigerian situation, she can still achieve her objectives by providing an enabling environment in oil and gas for its teeming youths.