Quest, an indigenous energy provider has revealed plans for major investments in the Nigerian oil and gas sector, projecting double digit growth by first quarter of 2022.
The chief executive officer, Quest Oil & Engineering Services Limited, Goke Dele said in the captive and distributed power space, the group is carrying out aggregate portfolio in excess of 22 MW at an average cost of $20 million while in the gas sector, it is building a gas storage facility with a capacity of 10,000 MT scalable to 15,000MT in Delta state.
It is also building a composite cylinder manufacturing plant in Lekki free trade zone (FTZ) with an LPG bottling plant to leverage the gas value chain. This comes as stakeholders in the oil and gas industry have expressed optimism that the Petroleum Industry Act (PIA) will unlock investments in the sector.
“The PIA will mark a new dawn and the beginning of a major repositioning in the Nigerian oil and gas industry”, said Dele during a media engagement in Lagos. According to him, the prospects for the industry is a mixed bag.
On the one hand, the industry has been starved of key investments in the last decade, while on the other hand, there have not been enough incentives in terms of fiscal framework to galvanize the needed investment. “Thankfully, with the presidential assent to the PIB, the world will finally take notice of our industry once again”.
Following the acquisition of Ascon Oil Company Limited, (the first private bulk white petroleum products storage, sales, and distribution channel) in 2019, Quest aims to deepen its footprint in the downstream sector as it sees a major boost in its operations by 1st quarter 2022.
The acquisition led to the on-going overhauling, restructuring and rebranding of ASCON to Quest. According to the company, this action falls under its initial goal of integrating all of its offerings under the Quest umbrella while providing the best petroleum products. During a recent media roundtable in Lagos, the company explained that it expects significant growth in the first quarter, 2022.
“It gives us great pleasure to contribute our quota to national economic growth by providing clean and affordable petroleum services to Nigerians.
in the downstream sector symbolises our reinvigorated strategy for the Nigerian market. This, according to the company, is in fulfilment of its goal of providing affordable, clean, reliable and sustainable energy to all in line with the United Nations SDG 7”, Dele remarked.