Lagos State Governor, Akinwunmi Ambode has urged International Oil Companies, indigenous oil producers as well as oil serving companies in Nigeria to approach the challenges pose by global crude oil price fall with creativity, and innovative ideas to survive.
He spoke at the just concluded 33rd conference of the Nigeria Association of Petroleum Explorationists (NAPE) held in Lagos, Governor however promised the operators that the state would provide incentives to compensate them for the risks being taken.
Ambode said Lagos State Government has commenced a review of the governing agreements on oil and gas exploration and production as the state prepares to attain the status of the 11th oil producing state in the country.
He said despite the challenging time “our best is yet to come.”
As a government, Ambode said the state would implement and support creative ideas and concept that would reduce the cost of running government, “ideas that would advance productivity in business and economic enterprise, ideas that will reduces economic and security risk, and ideas that makes life simpler and more meaning for the people”.
“We also remain resolute in our commitment to broaden areas of corporation through effort like this conference and exhibition. As the Ministry of Petroleum Resources begins to rebuild the governing agreement of oil and gas exploration and production activities for oil blocs including those situated in Lagos, our government will work with all stakeholders to ensure that we provide the incentives that can compensate for the for the risk being taken,” Ambode added.
The Lagos state governor explained that over the years, the global oil and gas industry has gone through circles of changes that have required the industry to adapt and to evolve.
He stressed that the challenges before the country is to determine how it can adapt to these emerging scenarios on the global and national oil and gas space in order to take advantage of them and shape them to the country’s advantage.