BUSINESS NEWS

Oil Exploration to begin in Chad Basin – FG

NEWSMAN Abuja – Federal Government has said oil exploration in the Lake Chad Basin will resume soon, following the relative peace in Borno state and the Lake Chad area.

Minister of State Petroleum Resources, Timipre Sylva, while addressing journalists after a close door meeting in Maiduguri with the military and chief executive officers in the oil sector, said the area was now peaceful enough to commence the oil exploration.

The oil exploration exercise was suspended by the government in July 2017 after suspected members of Boko Haram attacked a team of geological engineers from the University of Maiduguri who were engaged by Nigeria National Petroleum Corporation to carry out a survey of the the Lake Chad region in Borno State towards the commencement of oil exploration.

Sylvia who thanked the Chief of Army Staff and the Nigerian Army for the great job they continue to perform in the North-East, also said that the relative peace in Borno state and the Lake Chad area informed the decision to move in for exploration and drilling activities in the region, PUNCH reported.

 “As you may well know, we have found oil in Gombe and we believe that there is a lot of oil to be found in the Lake Chad Basin. We have seen a lot of prospects in the Chad Basin and we want to commence exploration and drilling activities and that is why we are collaborating with the Nigerian Army to ensure that security is provided for activities to commence very soon,” he said.

The minister also commended the sacrifice and galantry of the Nigerian Army in the fight against insurgency in the North-East, and further appealed for the collaboration of the Chief of Army Staff in providing enough security to secure the installations and workers on the field.

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