Chad Basin exploration suffers setback

Admin
By Admin April 21, 2015 00:33

Chad Basin exploration suffers setback

Four months after the Federal Government said it was going to intensify the search for oil in the Chad Basin in 2015, nothing has yet to happen in this regard, according to a report by The Punch.

In the face of dwindling oil reserves, the Federal Government, through the National Petroleum Investment Management Services (NAPIMS), had at the end of 2014 said it would intensify the search for oil in the Chad Basin area. It said the prevailing security challenges in the area would not deter its Frontier Exploration Services division from the mission.

Nothing, however, has been said about the plan since then, and some stakeholders in the oil and gas industry have said Nigerians should not expect so much this year following the change of government at the federal level, as there were more pressing issues to attend to than intensifying the search for oil in the Chad Basin.

According to experts, the current high level of uncertainty in the Nigerian National Petroleum Corporation and the oil industry at large, given the change of government at the federal level, is enough to distract the NNPC from such a line of action presently.

Admin
By Admin April 21, 2015 00:33
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