Wednesday, 16 November 2016

NIGERIA LIKELY TO FIND SIGNIFICANT OIL IN LAKE CHAD AREA SOON, SAYS KACHIKWU

Dr. Emmanuel Ibe Kachikwu

Based on analysis of recent seismic 3D data, Nigeria is likely to find significant oil in the Lake Chad area. This development was made known to the only geological media firm in Nigeria, Tectono Business Review, by the Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu, while making a presentation at the Petroleum Club in Lagos.

 

According to Dr. Kachikwu, after analysing the seismic data generated from the Chad Basin, NNPC is injecting a lot of energy into the effort to ensure success in this regard.


In his own words: “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, both for the geographical balancing of oil production and 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.”

The minister, while identifying areas where urgent intervention is needed in Nigeria’s oil and gas sector, named running production acreages with transparent and profitable partnerships to bridge capacity and funding gaps; encouraging investment inflow into to Nigeria’s oil and gas industry; and engagement with local communities and driving regulation to develop the sector income.


He also specified that for the intervention targets, NNPC is projecting an inflow of US$20bn in 2016 to enable it to fund major projects and improve its bottom line.