Indigenous Oil Firm Embarks On Gas Expansion Investment

An indigenous oil and gas company, Hyde Energy Limited, is about making fresh investment in the midstream sub-sector of the industrial specifically targeting expansion in the Liquified Natural Gas, chain.

At a media parley, the company while revealing its achievements in the LPG market said, it is keying into federal government’s decade of gas initiative.

The chief executive of Hyde Energy, Olademeji Edwards, while providing information on the intended investment, said the firm has made reasonable contributions to the country by assisting local businesses to convert from charcoal to LPG.

Hyde Energy is also expanding its LPG operations to capitalise on massive potentials in the Nigerian market. It has built trusted reputation in the global, regional and national wholesale LPG markets.

Hyde Energy operates across the value chain of the energy industry. The company deals with the importation of petroleum products including Premium Motor Spirit, PMS, Gasoil, Dual Purpose Kerosene, DPK, Jet Fuel, Liquified Petroleum Gas, LPG, automotive lubricants and Naphtha.

Oladimeji said: “in our Nigerian home market, we have established Hyde retail stations, launched a comprehensive range of Hyde Energy branded lubricants and developed an end-to-end Liquefied Petroleum Gas (LPG) distribution system. Through excellence – our guiding light – the Hyde Energy management team, is building a truly global oil and commodities business. In doing so, we are helping balance global supply and demand with the needs of the developed and emerging economies we serve.

“Bear in mind that is one of the challenges of LPG in the market today because 50 to 55 per cent of LPG consumed in the country today is still being imported.

exchange component in that mix. Those are the things the incoming government has to manage especially as far as the economy is concerned. If they are able to reduce the cost of the dollar, you will see that it will reflect on the pump price.”

He said, the company is poised to penetrate the Lagos and South West markets with its quality products and brands, having made inroads in some other zones of the country.

Commenting on subsidy removal, he said: “subsidy removal has been a 20-year-old conversation and there are no ifs but or maybe on the removal of subsidy. Unfortunately, we missed several opportunities in which subsidies would have been removed and where the cushion on the increased price would have been easy on Nigerians. That has come and come especially during the pandemic when the crude oil prices were low and we would have enjoyed a period of low petrol prices. It is inevitable.”