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Lagos State’s Ibile Oil & Gas Corp. Ready And Looking For Partnerships

Lagos State’s Ibile Oil & Gas Corp. Ready And Looking For Partnerships

The Lagos State Commissioner for Energy and Mineral Resources, Olawale Oluwo said in a recent interview that Ibile Oil & Gas Corporation, the business arm of Lagos State oil and gas operations, has concluded setting up its structures and has gone into marketing the new oil firm for operations and partnerships, The Nation reports.

He also said the oil firm will play in all sectors of the oil and gas value chain. He said; “They are into downstream, midstream and upstream. They have been mandated to freely invest anywhere in the world and intervene in any area of business. However, the firm has not done any project. The company just started about five months ago. They have put their structures and strategies in place.”

“Currently, they are moving into business development, they are marketing. They are doing front end work and sometime later this year they will go into major projects. On technical partners, the company has the flexibility to partner with anybody or firm. It will not have a single technical partner.”

“The technical partner should be based on project by project,” he added. The energy commissioner also stated that Lagos has many oil fields that have not been allocated. He stated that “offshore Lagos we have almost 12 oil fields of which five have been allocated. The five fields include Sunlink, Crownwell, Aje and Optimum Lagos, and they were awarded over the years.”

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