A commercial quantity of oil was discovered in Lagos state recently and has thus been described as a positive development for the oil and gas industry. However, this development will be of a great benefit to Dangote Refineries.

“Not only will Lagos be regarded as an oil producing state and share out of the derivation fund, but Lagos will continue to be an invaluable partner to the Dangote Group with the Dangote refinery in Ibeju-Lekki,” said the Group Executive Director Dangote Industries Limited, Mr. Devakumar Edwin.

Consequently, Mr.Edwin mentioned that crude oil might not seem attractive now, following the situation where major international oil companies are being slowed down. However, it does not mean that the oil and gas industry is not open to development.

Read more at Punch.

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