Lagos State to Form Oil Company

In the Nigerian state of Lagos the government is working to establish a state-run oil and gas firm. The firm, to be named the Lagos State Oil & Gas Corp. (LOGASC), is being formed to enter the energy sector in hopes of generating more income for Lagos State.

A bill to establish LOGASC has been prepared, and members of the Lagos State House of Assembly invited stakeholders and the general public to a public hearing on the bill Monday.

On a partnership-based effort with the private sector and federal agencies, Lagos would through the corporation invest in all midstream and downstream oil and gas activities, including all gas processing businesses, petroleum products retailing, gas retailing, gas pipelines deployment, and acquisition of petroleum products tank farms and other distribution facilities.

Lagos has yet to officially report any oil discoveries however BusinessDay reported Lateef Raji,  Special Adviser on information and strategy to Lagos state governor Babatunde Fashola. “… I can confirm to you that oil has been discovered within this belt, yet to be exploited,” Raji said.