Based on a recent 3D Seismic Data study from the Chad Basin, Nigeria is about to discover a substantial quantity of oil in Lake Chad, according to the Nigerian National Petroleum Corporation (NNPC).

NNPC’s Group Managing Director, Ibe Kachikwu, disclosed this during his presentation at the Petroleum Club in Lagos. He added that the corporation was putting a lot of efforts into Oil exploration in Chad.

« There are signs from the latest 3D Seismic studies that Oil is about to be found in Lake Chad after many years of trials. I think that this is very important. It is important both for the geographical balancing of oil production and for the construction of a refinery in the North so as to access crude. I am optimistic that, by the end of the year we should be able to give a major update on this,» Kachikwu said.

He projects the coming year to be a crucial one, as the corporation is expected to change from an historic loss environment to a profit making one, Vanguard reports.