NNPC Increases Exploration in Chad, Six Other Basins

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • NNPC Increases Exploration in Chad, Six Other Basins

As part of strategies to shore up the nation’s crude oil reserve base, the Nigerian National Petroleum Corporation on Thursday announced that it was on target with respect to reinvigorating exploratory activities in the seven hydrocarbon basins across the country.

The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed this when he received the Governor of Yobe State, Ibrahim Geidam, at the corporation’s headquarters in Abuja.

Explaining the corporation’s efforts to increase the tempo of exploratory activities in the industry, Baru stated that modalities were on to open up all the basins in the country to prospective investors.

He was quoted in a statement issued by the NNPC spokesperson, Ndu Ughamadu, as saying, “We are on target and we are looking at the prospective of the whole basins of the Niger Delta, Chad, Anambra, Benue Trough, Benin, Sokoto and Bida. We are focused on delivering on these basins in line with our mandate.”

The NNPC GMD said preliminary exploratory activities had indicated some signs of hydrocarbon in eastern Yobe of the Chad Basin, adding that once the corporation received security clearance, the 3D seismic data acquisition in the area would continue as scheduled.

Baru noted that modern technology would be deployed in the exploration of the Yobe section of the Chad Basin, similar to that deployed in the Borno side of the Chad Basin.

He stated that exploratory activities executed in the Benue Trough in the 1990s had indicated the presence of hydrocarbon in the region, adding that attempts made under Production Sharing Contract arrangements had involved Shell, Chevron and Agip, which had drilled a well each in the region.

He added that already, the NNPC had identified leads and prospects that were going to be tested through drilling ahead of the resumption of the Chad Basin exploratory activities.

Geidam said his visit was informed by the commitment of the government to increase Nigeria’s oil reserves through exploration of oil and gas in the Chad Basin, adding that the policy direction of the Federal Government was of interest to the state because the basin covers a large area, including Yobe State.

“My visit is a follow-up to our request on exploration of oil in the Yobe section of the Chad Basin. The assurance, which you gave that the exploration for hydrocarbon deposits in part of Yobe State was being considered, has reinforced our resolve to work with you on diversifying the sources of the national economy for improved revenue generation,” the governor said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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