Having achieved 90 percent completion of its oil exploration activities in the Chad basin and the Benue trough, the Nigerian National Petroleum Corporation (NNPC) has projected the last quarter of the year to commence drilling.
When this finally begins, it is expected that the nation’s oil and gas reserves will increase, adding 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 corporation, 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 forced it to suspend operation on November 24, 2014.
Prior to the suspension of activities, eight (8) phases, out of the planned twelve (12) phase project, to cover 3, 550 sq.km have been acquired.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu says the commitment of the Federal Government and the NNPC to explore for oil and gas in the inland basins especially Chad Basin and the Benue Trough is unwavering and is on the front burner.
“A total of 1, 962 sq.km have 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,’’ he noted.
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 (NNPC subsidiary) and BGP, a subsidiary of China National Petroleum Corporation.
“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 invites the private sector and venture capitalists across the globe to partner with NNPC in planned Special Purpose Vehicles (SPV’s) to profitably harness the enormous energy resources in Nigeria.
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