The Nation Newspaper Oil Exploration: Ogun on the path to eldorado
It is no longer in the realm of speculation that Ogun State is on the path to becoming an oil-producing State. It is an age-long desire based on its natural location along the Dahomey Basin corridor but located at Tongeji Island within the purview of Ipokia Local Government . So, as the Gateway State, it is only natural for the government to tap into the full advantage of its proximity to the Basin where there is a high prospect of oil deposits.
“We decided that we are going to resume exploration in the different Basins; we decided to come to Ogun State to reassure the people that we have very high potential of discoveries here. Ogun has always been part of the Dahomey Basin and our presence underscores the seriousness the federal government attaches to the exploration activities that we want to carry out in Ogun State,” he said.
In his remarks, the Executive Director of Nigerians Upstream Petroleum Regulatory Commission, Mr. Gbenga Komolafe, said the coming of the team to Ogun State was to further demonstrate the commitment of the Federal Government to grow the oil reserves and enhance federation revenue. The host Governor, Abiodun, in his response, identified Ogun State as part of the OPLs 302,303 306, 307, saying the acreages present unique opportunities for the qualification as a Frontier Exploration State as defined in the PIA section 9.
“As a low-hanging result, this area also presents the opportunity for Bitumen extraction, thereby reducing import dependency and bringing with it savings in foreign exchange expenditure on this single line item,” the governor said.By the time the exploration effort comes to fruition, Ogun State will be entitled to the full benefits of being an oil-producing state, thereby adding to the revenue generation for the state.
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