LADOL unveils $5b investment agenda in oil, gas sector

The management of Lagos Deep offshore Logistics base (LADOL) yesterday unveiled plans to further attract not less $5 billion investment into the country through its Industrial Free Trade zone and maritime facility located in Lagos.

Delivering a key note address in Abuja at the Sixth African Petroleum Congress and Exhibition (CAPE VI), the Managing Director of LADOL, Dr. Amy Jadesimi, explained that success recorded at the facility has attracted new investors to Nigeria “who partner with credible investors leading to the creation of dozens of similar facilities”.

Speaking further at the event organised by the African Petroleum Producers Association (APPA), Jadesimi explained noted that in 2010 alone, 130 oil rigs were towed from Wes Africa past the tip of Africa across the Indian Ocean to the Far East for repair adding that “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria, “thereby saving the country avoidable capital flight”.

President Muhammadu Buhari, represented by the Vice President, Prof Yemi Osinbajo, had on Tuesday while declaring the conference open identified LADOL, which has invested over $600million in private investment, as one of the companies currently adding the most value to the Nigerian economy through their ingenious investments.

The president, according to a statement also identified the unique contribution of LADOL as one of the strategic investments in the country that currently drives the nation’s economy.

While lauding the efforts of the indigenous organization in building economic growth, the President similarly gave accolades to Samsung Heavy Industries (SHI), which is currently building one of the world’s largest oil platforms at the LADOL base in Tarkwa Bay, Lagos.

Jadesimi noted that in 2010 alone, 130 oil rigs were towed from Wes Africa past the tip of Africa across the Indian Ocean to the Far East for repair adding that “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria, “thereby saving the country avoidable capital flight”.
The LADOL/SHI project commonly referred to as Egina Floating Production Storage and Offloading (FPSO) platform valued at $3.8billion, is said to be first of its kind to be built in the sub-Saharan Africa.

Reports indicates that through the LADOL/SHI FPSO project, the industry has been boosted with 5,000 direct jobs and over 50,000 indirect employments by leveraging on the Local Content Act 2010.
Appraising the local content achievements of the organization, the president noted: “A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”