The Nigeria National Petroleum Coroperation, NNPC, report has shown that out of 23 oil wells drilled by mining oil companies involved in oil exploration in the north, 21 are marked as having prospects of oil.
Statement from the oil syndicate revealed that the exploration of the oil in the North has, so far, gulped a substantial sum of N27 billion and $340 million correspondingly. According to Naij, the corporation is reportedly expecting to receive more money into the quest – in compliance with the recent presidential directive to resume oil exploration in the North.
Excerpt of the report stated thus:
“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.”
Oil wells exploration in the north had intensified following President Muhammadu Buhari’s order to NNPC to find the country’s major source of revenue. Sabotage of oil pipeline by Niger Delta militants has put a dent in the quantity of petroleum supply in the country and prompting the quest for more diverse oil-prone regions in Nigeria as well as ease the conflict in Niger Delta.