Monday, November 16, 2015

NNPC Nigeria on “Verge” of Oil Find in Lake Chad


Nigeria says it is on the verge of making a “significant oil find” in the Lake Chad region in northeast Nigeria.  News of the oil find came from NNPC’s MD, Ibe Kachikwu  in a statement released by the company.

“There are signs from the latest 3D seismic studies that oil may be very close to being found now in Lake Chad,” Kachikwu was quoted as saying in a statement issued by NNPC spokesman Ohi Alegbe. “I am optimistic that by the end of the year we should be able to announce something major on this,” he said in a presentation in Lagos, according to the statement.

Kachikwu was quoted as saying it would be important to pass the long-delayed Petroleum Industry Bill aimed at overhauling the oil sector, and to encourage investment in the country’s oil and gas industry.

Kachikwu stated that the NNPC is “projecting the inflow of $20 billion in 2016 to enable the corporation to fund major projects,” said NNPC spokesman Alegbe.

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