BEVERLY HILLS, May 01, (THEWILL) – Minister of state for Petroleum and Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has revealed that the commitment of the Federal Government and the NNPC in exploring for oil and gas in inland basins around the country, especially in the Chad Basin and the Benue Trough.
In a statement signed by Garba Deen Muhammad, NNPC’s Group General Manager, Group Public Affairs, NNPC, the minister said the commitment was unwavering and exploration was on the front burner.
“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 up until insurgency necessitated the suspension of operation there,” he said.
He also urged the private sector and venture capitalists across the globe to partner with the NNPC in planned Special Purpose Vehicles (SPVs) to profitably harness the enormous energy resources in Nigeria.
“A total of 1,962 square kilometres 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.
“Eight phases out of the planned 12-phase project to cover 3,550 square kilometres had been acquired by the date of suspension of operation on November 24, 2014.
“The seismic activities were carried out with due regard to environmental protection and in accordance with international standards and best practices.
“The project activities were being handled by Integrated Data Services Limited, a subsidiary of NNPC, in conjunction with BGP, a subsidiary of China National Petroleum Corporation.
“Exploration in the Chad basin is intended to increase the Nigeria’s oil and gas reserves and add value to the hydrocarbon potentials of the nation’s inland basin, provide investment opportunities, boost the economy and create millions of new jobs.
“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 ar determined not to fail,” he said.
Story by David Oputah
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