Oil Search to Resume in Chad Basin, as Security Situation Improves in the Region

The search for crude oil in the northern part of Nigeria is set to continue following the improvement of security in the Boko Haram-infested region.

The Nigerian National Petroleum Corporation (NNPC) will resume oil exploration activities in the Chad Basin of the Country.

The projection came on the heels of improved security situation in the North East of the country which had been devastated by insurgent upheavals.

Group Managing Director of the Corporation, Dr. Maikanti Kacalla Baru made this disclosure during a courtesy visit to the Governor of Borno State, Hon. Kashim Shettima and the Shehu of Borno, Alh (Dr.) Abubakar Ibn Umar Garbai El-Kanemi, in Maiduguri, on Monday.

“We have been discussing with military authorities in the area and they have assured us of improved security. Once they give us the green light, we would resume operations in the area within six weeks,” the GMD, who was represented by the Chief Operating Officer, Gas & Power, Engr. Saidu Mohammed, said.

Dr. Maikanti Baru informed the Governor that NNPC was keen on increasing its production from 1.9million bpd to 3million bpd as well as increasing its oil and gas reserves, a target that necessitated exploring for more oil within and across some of the nation’s inland basins.

The GMD commended the efforts of President Muhammadu Buhari as well as the state Governor in the area of peace restoration, reconstruction and rehabilitation, stressing that as a responsible corporate citizen, the Corporation was ready to provide support in that regard.

At the Shehu of Borno’s Palace, the GMD sought the fatherly support of the traditional ruler especially in the area of host community understanding towards the resumption of oil exploration activities within the State.

The Corporation also presented relief items to the Shehu for onward delivery to the Internally Displaced Persons (IDPs) in the state.

Earlier in his remarks, Governor Kashim Shettima said the insurgency had taken a huge toll on the North East region leading to the loss of over $9.6bn, with Borno state alone losing $5.6bn. “We need your support in our reconstruction and rehabilitation efforts.