ABUJA — The Nigerian National Petroleum
Corporation, NNPC, has stated that the country is on the verge of discovering significant quantity of oil in the Lake Chad area, North- East Nigeria based on analysis of recent seismic 3D data generated from the Chad Basin.

The NNPC in a statement in Abuja also stated
that it was projecting the inflow of $20 billion
in 2016 to enable it fund major projects and
improve its bottom line going forward.
Group Managing Director of the NNPC, Mr. Ibe Kachikwu, who stated this during his
presentation to the Petroleum Club, Lagos,
over the weekend, entitled: “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy,” also added that the NNPC is injecting a lot of energy into oil exploration in the Chad area to ensure success in this regard.”

He also said: “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key. It is key both for the geographical balancing of oil production and it is also very key for the purpose of refinery placement in the north in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this.”

He described 2016 as a crucial year for the
NNPC as it is expected to transit from historic
loss environment to profit making domain.
Kachikwu noted that in driving and developing
Nigeria’s oil and gas sector, certain key areas
of urgent intervention have been identified
thus: running production acreages with
transparent and profitable partnerships to
bridge capacity and funding gaps; encourage
investment inflow into to Nigeria’s oil and gas
industry; engagement with local communities
and driving regulation to develop the sector
income, via encouragement of the fast track

Source: www.vanguardngr.com/2015/11/nigeria-closer-to-oil-find-in-chad-basin-nnpc/

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