Oil exploration in Chad basin Nigeria’s top priority – Kachikwu

Minister of state for petroleum group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Ibe Kachikwu, at the weekend said the commitment of the Federal Government and the NNPC to explore for oil and gas in inland basins around the country, especially in the Chad Basin and the Benue Trough, was unwavering and was on the front burner.

In a statement signed by Garba Deen Muhammad, NNPC’s group general manager, group public affairs, the minister urged the private sector and venture capitalists across the globe to partner the NNPC in planned Special Purpose Vehicles (SPVs) to profitably harness the enormous energy resources in Nigeria.

Kachikwu 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 up until insurgency necessitated the suspension of operation there.

He said 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.

“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,’’ the minister explained.

He further stressed that 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.

According to the minister, 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 are determined not to fail,’’ Kachikwu assured.