The Northern Nigeria Development Company (NNDC) has revealed plans to begin oil and gas exploration in the north- east in Q1 of 2016.The Chairman of the company, Alhaji Bashir Dalhatu, declared this at the NNDC’s 47th Annual General Meeting (AGM) in Kaduna on Friday.

Dalhatu added that the company is in collaboration with its technical partners as well as the Nigerian National Petroleum Corporation (NNPC), on the expertise and the budget requirements for the startup of the project.

However, the company’s Group Managing Director (GMD), Alhaji Ahmed Musa, noted that NNDC could not begin the project as initially planned due to the security crisis in the region, finance and production sharing formula.

He said the company needs about 20 million dollars for exploration on each of the four oil blocks, but assures that plans were ongoing to start the project within the Q1 of 2016.

The GMD said the NNDC plans to also acquire more oil blocks in the region, Oil and Gas Press reports.