With a daily crude oil production of about 60,000 barrels per day, Ondo State is the 5th largest producer of hydro-carbon in Nigeria.
However, its reserve of crude oil is believed to be in the region of 4 billion barrels both onshore and offshore.
The energy locked in the oil and gas reserve in Ondo State can power the economy of Lagos and the South West of Nigeria for the next 100 years
Apart from extraction and foreign market, opportunities exist in surface infrastructure, processing, and distribution in line with the national drive for domestic gas utilisation.
GRADE - A Gas Strategy for Investment and Development
Our Gas Strategy, known as GRADE, is a key component in our investment and development plans. GRADE represents our broader vision for gas and can be summarized as follows:
- Gas route to supply
- Reduction of dependency on firewood, diesel and highly polluting fuel sources
- Addition of diverse sources of energy supply to the State’s energy mix
- Development of appropriate policies and regulations to enable establishment of sustainable commercial gas activities within the corridor
- Eventual positioning as leader in gas production and distribution in Nigeria
RECENT DEVELOPMENT IN THE SECTOR
- Attracting 2000 Metric Tons inland LPG storage terminal under development by Alles Charis Gas Limited. There are plans in place to attract over 10,000 metric Tons of LPG storage within the Ore Corridor.
- Approval of over 200 hectares of land within the Ore industrial Park for the development of a $300 Million gas by-products industry in partnership with the Ondo Linyi Industrial Hub.
- Attracting of the $40 Million Tetracore 10MMScfd (209MT/D) Small Scale Mini-LPG liquefaction facility including the creation of an LPG truck terminal and 2MMScfd CNG Station.
INVESTMENT OPPORTUNITIES IN OIL & GAS
- Domestic production and marketing of Liquefied Petroleum Gas (LPG)
- Installation of LPG bottling plants etc.
- Gas to Urea (Fertilizer) development
- Petroleum refining
- CNG – LNG
- Tank farm development
- Oil and gas equipment manufacturing
- LPG cylinder manufacturing
- Storage facilities
- Transportation and logistics services
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