(Ecofin Agency) - Moves to shore up Nigeria’s oil reserve through the exploration of new frontiers by the government has paid off as 21 out of the 23 oil wells drilled so far by the Nigerian National Petroleum Corporation (NNPC) had oil in commercial quantities.

This is coming after President, Muhammadu Buhari, two months ago directed the NNPC to escalate search for oil in the north-east.

According to a report from NNPC, a total of 23 oil wells have already been drilled by mining oil companies that have been involved in oil exploration in the North in the past three decades. While only 2 were reported as dry, 21 other wells were said to hold prospects of oil.

The statement also showed that a sum of about $340 million has been spent on the exploration of the oil in the North.

“Discoveries made in neighbouring countries in basins with similar structural settings are: Doba, Doseo and Bongor all in Chad amounts to over 2 Billion barrels (Bbbls); Logone Birni in Southern Chad and Northern Cameroon, over 100 Bbbls; and Termit-Agadem Basin in Niger totals over 1Bbbls. Already the NNPC New Frontier Exploration Services Division which is leading the charge for crude oil find in the entire Inland Basins is acquiring 3,550 sq km of 3- D seismic data for processing and interpretation in addition to the already acquired 6000km of 2-D data that is currently being reprocessed. The search is not limited to the Chad Basin alone but covers extensive inquest in the entire Nigerian Frontier Sedimentary Basins which includes - The Anambra, Bida, Dahomey, Gongola/Yola and the Sokota Basins alongside the Middle/Lower Benue Trough,’’ the statement said.

Recent attacks by militants in the Niger Delta region, south of Nigeria, weakened oil production and partly caused the country’s recession.

Subsequent to this increase in attacks, the President directed the NNPC to increase its search for crude-oil in the north-east. The corporation began the planned exploration of crude-oil in the north-eastern part of Nigeria with the aim of reducing the pressure on the Niger Delta region, Vanguard News reports.

Anita Fatunji