Nigeria plans to begin exploratory drilling in search of oil in the northeastern Chad Basin region by October, the head of the state oil company, Emmanuel Ibe Kachikwu, said in an statement, Reuters reported. “A total of 1, 962 sq. km was acquired and processed, interpretation is on at 90% completion, and drilling activities will commence by the last quarter of 2016,” he declared according to The Nation.
The Chief of Nigerian National Petroleum Corporation (NNPC), who is also Minister of State for Petroleum Resources, added that the NNPC, through its Frontier Exploration Services and Renewable Energy Division (FESRED), had progressed reasonably with seismic acquisition activities.
According to him, exploration in the Chad basin would increase the nation’s oil and gas reserves and add value to the hydrocarbon potential of the Nigerian inland basin, provide investment, boost the economy as well as create jobs. “The decision to diversify our business portfolio is about all of us and about the future of our country, the vision is clear, and we are determined not to fail,’’ Kachikwu said.