The Nigerian National Petroleum Corporation’s Managing Director (NNPC), Maikanti Baru, has announced that subsequent to the acquisition and processing of more than 1,900 sq. km of new 3D seismic in Chad Basin, the corporation will begin drilling in early 2017, informed Ecofin Agency.
The drilling will commence after assessing the results gathered from the interpretation data, and the corporation would restart oil exploration activities in some of the inland basins, which include the Chad Basin and the Benue Through, This Day reported.
Additionally, Baru also announced the implementation of the joint venture (JV) cash call exit model by early January 2017. His comments came during his keynote address delivered in Lagos at the 2016 conference of the Nigerian Association of Petroleum Explorationists (NAPE). The model would guarantee the Nigerian government most of the revenue that normally accrues to it from the JV operation by lifting the royalty and tax oil upfront, which contributes 75% to 85% of the accruable revenues to the government. Baru added :“consequently, the effect on government take would be minimized.”