The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, recently disclosed that Nigeria would start oil drilling activities in the Chad Basin by the last quarter of 2016.
Kachikwu in a statement from the Group General Manager, Public Affairs of the NNPC, Mallam Garuba Deen Muhammad, in Abuja, stated that seismic data acquisition activities had progressed reasonably before it was interrupted by insurgency in the North.
He said the federal government and the NNPC were committed to exploring oil and gas in the inland basins especially the Chad Basin and Benue Trough, adding that they have an unwavering commitment to the project.
According to him, the NNPC through its Frontier Exploration Services and Renewable Energy Division (FESRED) had progressed reasonably with seismic acquisition activities in the Chad Basin frontier area up until insurgency necessitated the suspension of operation there. He said eight phases out of the planned 12-phase project to cover 3,550 square kilometres (sqkm) have been acquired by the date of suspension of operation on November 24, 2014.
“A total of 1, 962sqkm has been acquired and processed, interpretation is currently on-going at about 90 per cent completion, and drilling activities will commence by the last quarter of 2016,” said Kachikwu.
He further explained that the seismic activities were carried out with due regard to environmental protection and in accordance with international standards and best practices and was being handled by the Integrated Data Services Limited which is a subsidiary of the NNPC, and BGP, a subsidiary of China National Petroleum Corporation (CNPC).
Kachikwu noted that the purpose for oil exploration in the Chad Basin is to increase Nigeria’s oil and gas reserves, add value to the hydrocarbon potentials of the Nigerian inland basin, provide investment opportunities, boost the economy as well as create millions of new jobs.
“The decision to diversify our business portfolio is about all of us and about the future of our dear country, the vision is clear, and we are determined not to fail,” Kachikwu stated.
He thus invited the private sector and venture capitalists across the globe to partner with NNPC in planned Special Purpose Vehicles (SPVs) to profitably harness the enormous energy resources in Nigeria.
