Petroleum corporation seek oil in Lake Chad

November 8, 2015 7:15 PM

Dr Kachikwu made this revelation during his presentation to the petroleum club in Lagos based on the analysis of recent seismic 3D data generated from the Chad Basin.

According to the Group Managing Director of the Nigerian National Petroleum Corporation, Nigeria may be on the verge of a significant oil find in the lake Chad area in North East.

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In the presentation titled, "Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy," the ministerial designate said that the Corporation is injecting a lot of energy into the effort to ensure success.

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In his words, "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. ’’

Gbenga Bada

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