The Federal Government has restated its commitment to the exploration of oil and gas in the Inland Basins, especially Chad Basin and the Benue trough.
The Minister of State for Petroleum Resources, Dr Ibe kachikwu said this in a statement issued by Malam Garba Deen Muhammad, Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division on Sunday in Abuja.
The statement said the NNPC through its Frontier Exploration Services and Renewable Energy Division (FESRED) had progressed reasonably with seismic acquisition activities in the Chad Basin frontier area. However, operations were suspended on November 24, 2014 due to insurgency.
“A total of 1, 962 sq.km have been acquired and processed, interpretation is currently on-going at about 90 percent completion, and drilling activities will commence by the last quarter of 2016,” it said.
According to the statement, the operation is being handled by the Integrated Data Services Limited (NNPC subsidiary) and BGP, a subsidiary of China National Petroleum Corporation. Kachikwu said that exploration in the Chad Basin was to increase the nation’s oil and gas reserves.
“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, urging the private sector and