Nigeria Closer to Oil find in Lake Chad Basin

Nigeria Closer to Oil find in Lake Chad Basin

The Nigerian National Petroleum Corporation (NNPC) has said it “may well be on the verge of a significant oil find” in the Lake Chad area, which has been blighted by Boko Haram-related violence.

“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,” added group managing director Ibe Kachikwu according to News24.

He described 2016 as a crucial year for the NNPC as it is expected to transit from historic loss environment to profit making domain.

Kachikwu noted that in developing Nigeria’s oil and gas sector, certain key areas of urgent intervention  have been identified thus: running production acreages with transparent and profitable partnerships to bridge capacity and funding gaps; encourage investment inflow into to Nigeria’s oil and gas industry; engagement with local communities and driving regulation to develop the sector income, via encouragement of the fast track PIB to clarify direction and encourage long-term investment in the industry, Vanguard reported.


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