Emerging facts have it that Nigeria’s quest for oil in the Lake Chad Basin area of Northern Nigeria is yielding fruitful results as about 21 oil wells out of the 23 drilled so far have potential of full prospects of oil.
A report from the Nigerian National Petroleum Corporation, NNPC, showed that a total of 23 oil wells have already been drilled by prospecting oil companies that have engaged in oil exploration in the North in the past 30 years.
While 21 of these wells are said to hold some prospects of oil in commercial quantity, only two of the wells reportedly hit a dry run.
It was gathered that the search for oil in the North has, so far, gulped a whopping sum of about N27 billion and $340 million respectively.
The NNPC is reportedly gearing up to pump more money into the quest – in compliance with the recent Presidential directive to resume oil exploration in the North.
The statement from the NNPC reads in part:
“Discoveries made in neighbouring countries in basins with similar structural settings are: Doba, Doseo and Bongor all in Chad amounts to over 2 Billion barrels (Bbbls); Logone Birni in Southern Chad and Northern Cameroon, over 100 Bbbls; and Termit-Agadem Basin in Niger totals over 1Bbbls.
“Already the NNPC New Frontier Exploration Services Division which is leading the charge for crude oil find in the entire Inland Basins is acquiring 3,550 sq km of 3- D seismic data for processing and interpretation in addition to the already acquired 6000km of 2-D data that is currently being reprocessed.
“The search is not limited to the Chad Basin alone but covers extensive inquest in the entire Nigerian Frontier Sedimentary Basins which includes- The Anambra, Bida, Dahomey, Gongola/Yola and the Sokota Basins alongside the Middle/Lower Benue Trough.’’
