Nigeria may well be on the verge of a significant breakthrough in the discovery of oil in the lake Chad area in North East if the analysis of recent seismic 3D data generated from the Chad Basin is anything to go by.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Ibe Kachikwu, disclosed this in a presentation to the Petroleum Club, Lagos, at the weekend.
The NNPC boss in the presentation titled, “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy”, said that the NNPC is injecting a lot of energy into the effort to ensure success in this regard.
He said, “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key. It is key both for the geographical balancing of oil production and it is also very key for the purpose of Refinery placement in the North in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this”, the GMD said.