NNPC to recommence Chad Basin oil search

By Post Nigeria May 5, 2015 12:35

NNPC to recommence Chad Basin oil search

The Nigerian National Petroleum Corporation, NNPC in a statement yesterday announced its readiness to commence an oil search in the Chad Basin following the improvement in the security situation in the North-East.

The Group Managing Director, NNPC, Dr. Joseph Dawha, was quoted in the statement to have revealed this in Abuja during the weekend at the 21st Annual General Meeting of Integrated Data Services Nigeria Limited, a subsidiary of the corporation that is carrying out seismic data acquisition in the Chad Basin.

    “Preliminary indications from the previous exercise so far are encouraging and we are going to move back there,” Dawha said.

Dawha who explained that the “unfortunate,” security situation in the North-East hampered oil exploration activities in the Chad Basin applauded the security forces for their recent success in the fight against insurgency.

It is important to note that the Nigerian military has rescued hundreds of persons held captive by the extremist, recovered lost grounds and foiled terrorist activities in the region, these accomplishments have no doubt improved the security situation in the North-East.

President-elect, Muhammadu Buhari, last month said that his Government would focus on reactivating the Lake Chad and would deploy resources to resume the search for oil in parts of Borno State that fall within the basin.

Buhari said despite the challenges of funding affected by the fall in crude oil prices, Integrated Data Services Nigeria Limited, IDSNL, has done well as it recorded a 32% growth in revenue.

The Managing Director, IDSL, Mr. Victor Briggs, said the firm was expanding its operations beyond the shores of Nigeria to neighboring West African countries and other emerging oil producing countries on the continent.