16 October 2012, Sweetcrude, LAGOS – LAGOS State plans to establish an oil and gas company to exploit hydrocarbons deposits in the state, and invest in the midstream and downstream sectors of the industry.
The company, to be known as Lagos State Oil & Gas Corporation, LOGASC, will exploit the oil and gas resources and generate revenue that will accelerate development.
Special Adviser to the Lagos State dovernor on information and strategy, Lateef Raji, disclosed this in Lagos.
Noting that “oil has been discovered within this belt, yet to be exploited,” he said a bill to establish LOGASC is before the Lagos State House of Assembly.
He added that the state will, through the oil and gas company, invest in midstream and downstream oil and gas activities such as gas processing businesses, petroleum products retailing, gas retailing, gas pipelines deployment, and acquisition of petroleum products tank farms.