The Nigerian National Petroleum Corporation (NNPC), Monday, said it will resume the exploration of crude oil in the Chad Basin, following the improvement of security in the North-East region of the country.
Group Managing Director, NNPC, Dr. Joseph Dawha, who disclosed this in a statement signed by Mr. Ohi Alegbe, Group General Manager, Group Public Affairs Division, blamed the suspension of exploration in the region on insecurity, stating that it plans to resume activities there in the next couple of days.
Dawha, stated this at the 21st Annual General Meeting of Integrated Data Services Nigeria Limited, IDSL, the subsidiary of the NNPC that is carrying out the seismic data acquisition in the Chad Basin.
He said, “With the remarkably improved security situation in the north eastern part of the country, the Nigerian National Petroleum Corporation is to resume oil search in the Chad Basin.
“Preliminary indications from the previous exercise so far are encouraging and we are going to move back there.”
He described as unfortunate, the security situation in the northeast that led to the suspension, while he commended the security forces on their recent success in the fight against the insurgents.
On the performance of IDSL, Dawha noted that in spite of the challenge of funding as a result of the fall in crude oil prices, the company’s performance is encouraging as it recorded a 32 per cent growth in its revenue.
Also speaking, Managing Director, IDSL, Mr. Victor Briggs said the company is expanding its operations beyond the shores of Nigeria to neighbouring West African countries and other emerging oil producing countries in Africa.
IDSL, incorporated in 1988, is involved in the provision of seismic data acquisition, processing and interpretation as well as petroleum and reservoir engineering data evaluation, computer and other ancillary services.
