(Ecofin Agency) - Based on a recent 3D seismic study on the Chad basin, Nigeria is on the brink of discovering an important quantity of oil in Lake Chad, according to the Nigerian National Petroleum Corporation (NNPC).

Ibe Kachikwu, Managing Director of NNPC, revealed this information during a conference at the Petroleum Club of Lagos. He added that the company will expand efforts on oil exploration in Chad.

“There are signs which confirm that we will soon find oil in Lake Chad, after many years of trials. This is important at the same time for the geographic equilibrium of the oil production and for the construction of refinery in the north. I remain convinced that, by the end of the year, we will be able to give a major update on this subject”, Mr. Kachikwu declared.