Lagos On Track To Create Profitable, Resilient Energy Sector – Commissioner

• The Society of Petroleum Engineers (SPE), Lagos, recently celebrated its 50th anniversary.

• The association used the occasion to discuss the importance of oil and gas to Lagos government’s plan to build a profitable and resilient energy future.

• The energy commissioner attended the event, saying the state is close to the actualisation of the plan.

Eko Hot Blog reports that the Lagos State Government has said that the proposed plan to create a profitable and resilient energy sector in the state has gone beyond rhetoric.

The government made the bold statement through the Commissioner for Energy and Mineral Resources, Engr. Olalere Odusote.

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Odusote spoke at the Society of Petroleum Engineers (SPE), Lagos, 50th anniversary ceremony held recently at Four Points by Sheraton in Lagos with the theme: “Building A Profitable & Resilient Energy Future for Lagos State: Oil & Gas as an Enabler”.

The commissioner noted that plans are already in place to make the state energy sector not only resilient but as profitable as it can be.

“The Babajide Sanwo-Olu administration has from inception understood that an Integrated Resource Plan (IRP) is key to enabling the State to meet its future electricity demand. An IRP determines the projected future power needs in the state and then considers a wide range of supply resources and their financial, economic and environmental impact to meet the need,” he said.

“The State also recognised the need for an enabling environment supported by a clear and unambiguous statement of intention by the government for the electricity sector. These policies need to be backed by laws and the State has immediately conducted a review of the 2018 Lagos State Electric Power Sector Act.”

Odusote reiterated that the state government understands that gas is the major resource for electricity in Nigeria and that informs the reason why the present administration is finalising the Lagos State Gas Policy.

The energy commissioner also revealed that the gas policy seeks to diversify gas supply sources into the state and encourage the exploration of the offshore fields in Lagos, ensuring energy security by delivering additional gas through alternative infrastructure systems and enabling a flexible commercial framework that allows the pricing of multiple gas supply sources for power to be bankable.

He maintained that the aspiration of the State to use gas-based incinerators for waste management is expected to play a strategic role in the betterment of the State. According to him, Lagos State is leading the way by catalysing the use of LPG by migrating LPG Micro-Retailing Decanting towards safer operations.

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“The Sanwo-Olu-led-administration will continue to actively engage with its stakeholders as we strive to make Lagos State become a 21st Century Economy while ensuring an enabling environment through policies backed by supporting laws along with needed infrastructure,” Odusote added.

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