The Minister of State Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that the drilling for petroleum in the Lake Chad Basin will commence by the last quarter of 2016.
Kachikwu said that the commitment of the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to explore for oil and gas in the inland basins, especially the Chad Basin and the Benue Trough is unwavering.
A statement by the NNPC on Sunday, quoted the minister as explaining that the corporation, through its Frontier Exploration Services and Renewable
Energy Division (FESRED) had progressed reasonably with seismic acquisition activities in the Chad Basin frontier area until insurgency prompted the suspension of operations there.
He said eight phases, out of the planned 12-phase projects, to cover 3,550 sq.km had been acquired by the date of suspension of operation on November 24, 2014.
“A total of 1,962 sq.km have been acquired and processed, interpretation is currently ongoing at about 90 percent completion, and drilling activities will commence by the last quarter of 2016,” Kachikwu, who is also the Group Managing Director of the NNPC, stated.
He 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 (an NNPC subsidiary) and BGP, a subsidiary of China National Petroleum Corporation.
According to him, exploration in the Chad basin is to increase the nation’s oil and gas reserves and 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