NNPC to Resume Oil Exploration in Chad Basin | Independent Newspapers Limited
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NNPC to Resume Oil Exploration in Chad Basin

Posted: May 4, 2015 at 5:32 pm   /   by   /   comments (0)

Following improved security situation in the North Eastern part of the country, the Nigerian National Petroleum Corporation (NNPC) has said that it will soon resume oil exploration in the Chad Basin.

The corporation’s Group Managing Director, Joseph Dawha, disclosed this at the weekend at the 21st Annual General Meeting of the Integrated Data Services Nigeria Limited (IDSL), an NNPC subsidiary that is carrying out the seismic data acquisition in the Chad Basin.

Dawha stressed: “Preliminary indications from the previous exercise so far are encouraging and we are going to move back there.” He described the security situation in the North East that led to the corporation’s suspension of oil exploration in the Chad Basin as ‘unfortunate’, even as he commended the security forces on their recent successes in the fight against the insurgents.

On IDSL’s performance, Dawha said that inspite 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 revenue growth.

IDSL’s Managing Director, Victor Briggs, said the company, which was incorporated in 1988, is expanding its operations beyond the shores of Nigeria to the neighbouring West African countries and other emerging oil producing countries in Africa.
Its services include provision of seismic data acquisition, processing and interpretation as well as petroleum and reservoir engineering data evaluation, computer and other ancillary services.