FG to commence oil exploration in Chad Basin –Kachikwu

MINISTER of State for Petroleum Resources, Ibe Kachikwu, said yesterday that the Federal Govern­ment will commence ex­ploration of oil and gas in the inland basins, espe­cially Chad Basin and the Benue Trough.

In a statement by Garba Deen Muhammad, Ka­chikwu, who is also the group managing director of the Nigerian National Petroleum Corporation (NNPC) said the corpo­ration is diversifying its portfolio.

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.

The statement added that operations were sus­pended on November 24, 2014 due to insurgency and that eight of the planned 12 phase project, which was expected to cover 3,550 sq.km, had been acquired at the time of suspension.

“A total of 1, 962 sq.km have been acquired and processed, interpretation is currently at about 90 per cent completion, and drill­ing activities will com­mence by the last quarter of 2016,” the statement read in part.

NNPC further explained that the seismic activities were carried out with due regard to environmental protection in accordance with international stan­dards and best practices.

The operation is being handled by the Integrated Data Services Limited (NNPC subsidiary) and BGP, a subsidiary of China National Petroleum Corporation.

Kachikwu said explora­tion in the Chad Basin was to increase the nation’s oil and gas reserves.

He stated that it would add value to the hydrocar­bon potential of the Nige­rian Inland Basin, provide investment opportunities, boost the economy as well as 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 are de­termined not to fail,” Ka­chikwu said.

He urged the private sector and venture capi­talists across the globe to partner with NNPC in planned Special Purpose Vehicles to profitably har­ness the enormous energy resources in Nigeria.