The Vice president said three oil blocs have been identified.

Federal government’s oil prospecting at the Chad Basin, near Borno state, was yielding promising results that may see commercial exploration of oil and gas begin in the region by 2014, Vice president, Namadi Sambo, said Saturday.

The project gulped $75 million (N11.9 billion) in 2012, and $100 million (N15.8 billion) is budgeted for this year, Mr. Sambo said during a visit to the state.

The Vice president is the highest-ranking official to visit the state since the outbreak of Islamist militancy in 2009 by extremist group, Boko Haram.

Mr. Sambo said the government welcomed the ceasefire declared by the sect, and was committed to initiatives that would perpetuate peace in the troubled city.

Part of that will include reviving the state economy starting with the moribund train services.

The oil plans will be part of the drive.

“I want to inform you that government is committed to the oil and gas search in the Lake Chad basin,” the Vice president said the palace of the Shehu of Borno, Aubakar Ibn Garbai.

Mr. Sambo said three blocs have been identified in the area after series of research.

“These blocks have great potentials for oil and gas exploration,’’ he said. “Our plan is that by the fourth quarter of 2013, or first quarter of 2014, commercial oil and gas exploration will commence in the basin,” he said.

Agricultural prospects

The Vice president said that government was also working towards rejuvenating the Lake Chad, to reactivate agricultural activities in the area.

“We are working on plans to rejuvenate the Lake Chad through an inter-basin water transfer from Congo Democratic Republic,” he said.

“President Goodluck Jonathan has approved the release of five million dollars for the consultancy work on the project,” he said.

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Cool means to loot.

Niiiceeeee....

No wonder Boko Haram begin worry... hmmmm

That means more money for boko haram and more targets to bomb.

That means there won't be need to demand for money to cease fire

Wendyslim: That means there won't be need to demand for money to cease fire

Gbam

UHH? Are you people saying we shouldn't drill the oil in Chad Basin because of Boko Haram while we continued drilling even when MEND's kidnapping and bombings went on?

Una kolo no be small..

0lumide: UHH? Are you people saying we shouldn't drill the oil in Chad Basin because of Boko Haram while we continued drilling even when MEND's kidnapping and bombings went on?

Una kolo no be small..

How many churches did MEND Bomb? How many muslims did MEND Kill? How many telecommunication installations did MEND attack? How many schools did MEND bomb? How many mosques did MEND bomb? How many innocent Nigerians lost their lives to MEND? Waiting for your answer(s).

confusion247:
How many churches did MEND Bomb? How many muslims did MEND Kill? How many telecommunication installations did MEND attack? How many schools did MEND bomb? How many mosques did MEND bomb? How many innocent Nigerians lost their lives to MEND? Waiting for your answer(s).

No, to bring it back to context, was MEND a threat to oil production or not? YES!!! Mend was a violent and deadly threat to oil production.

But despite the threat that MEND posed, we still went ahead with oil production.. So why should we be having problems with Oil production in Chad basin because of Boko Haram? What we need to do is eliminate threat not reject oil production...

Oil production in the basin will commence with or without Boko Haram..

I think you just hate these people and not that you are concern about security.

And in all honesty, more southerners will be involved in oil production than Northerners because Southerners have experience in the field than Northerners do. At least until more Northerners are trained in the oil field...

0lumide:

No, to bring it back to context, was MEND a threat to oil production or not? YES!!! Mend was a violent and deadly threat to oil production.

But despite the threat that MEND posed, we still went ahead with oil production.. So why should we be having problems with Oil production in Chad basin because of Boko Haram? What we need to do is eliminate threat not reject oil production...

Oil production in the basin will commence with or without Boko Haram..

I think you just hate these people and not that you are concern about security.

And in all honesty, more southerners will be involved in oil production than Northerners because Southerners have experience in the field than Northerners do. At least until more Northerners are trained in the oil field...

Oil production in Chad Basin means

more money for boko haram and more targets to bomb.

there won't be need to demand for money to cease fire

I wonder who and who will like to commit suicide in the name of working in an oil company close to boko haram training camp? The issue of NYSC members is still fresh in our mind.