Nigerian National Petroleum Corporation (NNPC) has announced the discovery of crude oil in about 3350 square metres in the Lake Chad Basin.
Vice President Sambo said during a meeting convened with experts within the NNPC and other public sectors at the State House, Abuja that the federal government is happy that surveys have indicated the presence of oil in the Chad Basin. Sambo expressed the appreciation of the Federal Government to the NNPC in the positive progress they are making in the exploration of hydrocarbon at the Lake Chad Basin. He noted that the budget provision is based on activity assessment and that the efforts so far expended and the achievements recorded so far will lead to the realization of the targeted goal.
The Group Managing Director of NNPC, Mr. Andrew Yakubu said that on the submission of the report of the investigation into the exploration of oil in the area, NNPC commissioned its subsidiary and consultants to start the exploration. The consultants include Chinese companies that had worked in similar ventures in Niger and Chad where crude oil has been found in commercial quantity. He noted that due to the high technology employed for the exploration, the area was divided into four phases and that work is currently ongoing on the fifth phase. Yakubu further added that three major sub-basins in the Lake Chad area namely Biu, Maiduguri and Barga had been identified and marked as low risk while work is currently going on in that area. But he pointed out that lack of security and adequate funding are the major challenges being faced in the speedy execution of the project.
The Lake Chad Basin, in the far North Eastern Borno State of Nigeria, is the hotbed of terror attacks and other forms of violence by the Islamic sect, Boko Haram.