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The 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.
The emerging facts by Authority Newspaper indicated 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.
Authority Newspaper also 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 Nigerian National Petroleum Corporation (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.
A recent document prepared by the NNPC, dated October 7, 2016 and marked “up-date” on the oil exploration activities in the Lake Chad Basin also revealed that 33,550 sq km of 3-D seismic data would soon be acquired for processing, in an effort to get a clearer picture of oil reserves in the area.
But the tone of the report shows that the prospects of oil in the North are still mere potentials and remain in the realm of possibilities
Source: Authority Newspaper