President Muhammadu Buhari on Tuesday launched a new oil drilling project in the Chad Basin, with the government targeting a yield of 943 million barrels of crude oil in the next few years if the project is successful.
Speaking virtually to flag-off the Wadi-B drilling campaign in Tabu, Jere Local Government Area of Borno State on Tuesday, President Buhari said he expects the current effort to be successful.
Oil drilling in the Basin was suspended in 1995 when findings failed to indicate the availability of oil and gas in commercial quantities.
According to him, “crude oil and gas exploration activities have been ongoing in the Chad Basin since 1976 and also know of the discovery of sub commercial gas at the Wadi-1 Well in 1985. I am also aware that active drilling activities were suspended in 1995 to enable re-evaluation of exploration activities in the entire frontier basins.
“I am happy that the NNPC has since then conducted extensive Basinal Analysis and Evaluation of all frontier basins leading to the successful drilling and discovery of crude oil and gas in commercial quantities in Kolmani River 2 and providing insight to the ongoing crude oil and gas drilling campaign in Nasarawa State as well the current re-entry activities into the Chad Basin.”
Also speaking, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe disclosed that the drill was expected to yield about million barrels of crude oil if successful.
He explained that the OPL 732 well is part of the Federal Government’s effort to boost Nigeria’s crude oil reserves from the current 37 billion barrels to 40 billion barrels by year 2030
On his part, the Group CEO of NNPC Limited, Mele Kayri expressed confidence that the drilling campaign will be successful, adding that the last oil drill performed at the Basin was done in 1995.
He explained: “We stopped drilling here in 1995 because the successes were weak, and findings were not commercial. We understood very clearly that we have to understand the Basin very well, we need to have a different approach to exploration activities in this Basin.
“That is why NNPC and her partner, the NUPRC, decided to embark on data review on all the frontier basins in the country and our findings have been useful. Our understanding of the ridge system in Nigeria has enabled us to have successful outcomes in the Kolmani area and enabled us to mobilise to Nasarawa State”.
The Governor of Borno State, Prof. Babagana Zulum, observed that the project would have a positive impact on the socio-economic status of the state.
He therefore pledged the support of the state government and local communities for the success of the project.
