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| 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.
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