The Minister of State for Petroleum Resources, Emmanuel Kachikwu, has announced that the country will commence the drilling of crude oil in the Chad Basin by Q4 of 2016.

Speaking in a statement, Kachikwu said the corporation through its Frontier Exploration Services and Renewable Energy Division (FESRED), had advanced with seismic acquisition activities in the Chad Basin border area.

It noted that activities postponed on November 24, 2014 due to the Boko Haram situation in the North, adding that eight out of the 12 phased project expected to encompass 3,550 km², was obtained during this period.

“A total of 1, 962 km² have been acquired and processed, interpretation is currently on-going at about 90 per cent completion, and drilling activities will commence by the last quarter of 2016,” the statement said.

This seismic surveys were performed successfully and in line with international standards and best practices. The operation is being controlled by NNPC’s subsidiary; the Integrated Data Services Limited and BGP, a subsidiary of China National Petroleum Corporation (CNPC).

According to Kachikwu, the aim of the exploration in the Chad Basin was to boost the country’s oil and gas reserves, add value to the hydrocarbon potential of the Nigerian Inland Basin, provide investment opportunities, boost the economy and create millions of new jobs.

“The decision to diversify our business portfolio is about all of us and about the future of our dear country, the vision is clear, and we are determined not to fail,” Kachikwu told This Day.

Anita Fatunji