Nigeria is “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC managing director Ibe Kachikwu was quoted as saying in a statement issued by the state oil company on Sunday.
Kachikwu, who is to be sworn in to President Muhammadu Buhari’s cabinet on Wednesday and is widely expected to become junior oil minister, also said the Nigerian National Petroleum Corporation (NNPC) is projecting revenues of $20 billion in 2016.
Africa’s biggest economy has been hammered by the sharp drop in global oil prices, because it relies on crude exports for around 70 percent of government revenues.
“There are signs from the latest 3D seismic studies that oil may be very close to being found now in Lake Chad,” Kachikwu was quoted as saying in a statement issued by NNPC spokesman Ohi Alegbe.
“I am optimistic that by the end of the year we should be able to announce something major on this,” he said in a presentation in Lagos, according to the statement.
Kachikwu was quoted as saying it would be important to pass the long-delayed Petroleum Industry Bill aimed at overhauling the oil sector, and to encourage investment in the country’s oil and gas industry.
“Kachikwu stated that the NNPC is projecting the inflow of $20bn in 2016 to enable the corporation to fund major projects,” said NNPC spokesman Alegbe.
Portfolios have yet to be assigned to the 36 cabinet members chosen by Buhari, but analysts expect Kachikwu to report to the president, who will personally oversee the petroleum portfolio. Click to signup for FREE news updates, latest information and hottest gists everyday
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Good news let c if these aboki can go n leave our place 4 us bc dis oil is d only tin dat unite dis country. Born 4 rule my ASS
ReplyDeleteThe north finds oil. Yes! Now we can have peace
ReplyDeleteBiafrans did you here this.
ReplyDeleteClearly, Kachikwu is here speaking way above his level of competence. What does he mean by "oil is close to being found"? He has no clue and should stay within his area of competence, which is Law. He also talks of raising oil production capacity from 2.5m to 3m barrels/day within 12 months. Even if the Federal Government today puts down all the money it has been owing the Joint Ventures, which has led to cancelling many oil projects, there is no way those projects will commence and be completed to produce oil in 12 months. Kachikwu is embarrassing the industry and he should shut up and get those competent in the subject matters to guide him. Unless he just wants to keep making political but unrealistic statements.
ReplyDeleteshocking assertion, Kachikwu is an authority, has worked his ass out in this industry and can speak with eloquent when it comes to this sector, if you don't know who this man is don't comment...... People are using election set-back to write trash in social network, it wont help just pray for the country and contribute your quota in rebuilding this country again.... we were sinking !!!!!!!!
DeleteYou obviouly do not understand the oil industry. A lawyer can spend 40 years "working his ass out" and still not understand the key factors in project realisation. It has nothing to do with the intelligence of the lawyer. It is all about his areas of exposure in the industry. I am an industry technical professional and I know that what Kachikwu said here is hogwash.
DeleteMy friend, you have no clue. Did Kackikwu not tell us that our refineries would be working 60% by September 2015, and that that would reduce FOREX demand for import of petroleum products by 40%? This is November 2015 and what is the situation? Only Port Harcourt refinery managed to do 1.96% by October and is now down to zero!
DeleteYou seem intimidated by Kachikwu's credentials. The man may be intelligent but he has truly overstepped his competence. A first-class cook can provide catering for a construction firm for decades. That does not qualify him as an authority in building. Kachikwu is NOT an authority in oil discovery or what it takes to deliver projects that produce oil.
Get your facts right before making shameful comments in public.
Delete@Anonymous 8:35am. Why don't you point out the facts the writer did not get right? Is it that Kachikwu did not promise 60% refinery capacity performance or that the September 2015 performance of PH refineries is 1.96%? Try to stay focused on facts in these discussions. Don't let personalities intimidate you!
DeleteCould this possibly be why the Boko Haram insurgency has been so intense and defied solution??? Just a thought!
ReplyDeleteI also think so
DeleteNigerians need to quit celebrating oil! It is no longer the magic product. Heard of Elion Musk and his Tesla car that does not use a drop of oil or his bullet train that does not use oil? His patent for these inventions are made available to auto makers. It is a matter of time before your so called oil becomes useless. Keep finding oil when others are inventing disruptions.
ReplyDeleteJust wondering.
ReplyDeleteIf NNPC is projecting a revenue of $20b in one year, how come we have allegations of stealing $20b from same sector with salaries being paid?
Somebody should tell us the truth and not sensational news
I pray the dream finally comes true. Oil find in Chad, Oil already prospecting in South South and South East, oil find in Lagos and production to start in 2016! So who again brags all over the place? Whoever doesn't want united Nigeria can please go peacefully. It pays for us to unite and use our God given resources to develop Nigeria. Enough of insults.
ReplyDeleteThis is the only comment that has made some sense instead of those using this platform to settle ethnic grudge.
DeleteSome of you makingcareless comments here should think twice and seek competent source of informatio n. EXXON affiliate Esso exploration Chad found Oil in Lake Chad, part part of Chad. They decided to abandon the project becuase is was not in large quantity for huge investment. And the distance to the Doba project is over 3K Kilometers to link with the Pipeline going to Kiribi in Cameroun which is where all the Doba crude goes to. Here we we are talking about 2,000 kilometer pipeline.The crude deposit at that was estimated at 30K bbls per day, however it was of a fine and clean product.My fears at this point is do we have it I large quantity to justitify the investment the government is willing to make. If it is in large quantity Exxon would not have left it for the Chinese who are now using it for the refinary. Judging from the reservoir structure in Chad, I doubt what was found on Nigeria side of the lake chad will be different from the Chadian side. Also you have realize that oil production is one part, transportation of this crude is another especially when you consider that is gojng to be an offshore project.
ReplyDeleteGood observation. I think it will be better to refine it domestically in nearby refinery. Kaduna is closer and plan should be made for another refinery around Bauchi or Taraba.
Delete