Security threat on oil exploration in inland basins in Nigeria
The state of insecurity in some parts of Nigeria, especially the Boko Haram menace, is threatening the efforts of the Nigerian National Petroleum Corporation (NNPC) to explore crude oil in the inland basins of Sokoto, Chad, Bida, Gongola, Yola and others.
The Group Managing Director of the NNPC, Mr Andrew Yakubu, stated that while waiting for the security issues to be addressed, the NNPC had commenced interpretation of all the data acquired from the basins.
According to him, the recent geological successes recorded in some of these basins were indicative that more potentials abound in these areas.
Yakubu said acquisition was on-going using gravity, aeromagnetic and electromagnetic means to improve the best possible chances of finding oil and gas.
He said: “It is instructive to note that the current security challenges in some of these regions have however slowed down the level of progress in exploration activities. This notwithstanding, we have continued to forge ahead in our quest to deliver value to our stakeholders.
“Despite challenges being faced by the industry in recent times, it has remained vibrant with significant increase in exploration activities in the past years.
“There are more than seven exploration rigs that are actively engaged in different locations in the acreages. The preliminary reports from most of the exploration activities have indicated positive potentials with great promises of enhancing the reserve potentials of the country,” he stated.
Yakubu stated that in order to achieve the nation’s aspiration in the sector, NNPC had re-positioned its subsidiaries, particularly the IDSL to take advantage of the opportunities presented by the National hydrocarbon reserve growth targets.