Oil and gas exploration is to begin in the Chad Basin near Borno State in Nigeria by 2014 with the government financial prospect in the region depicting optimistic outcome, reports Oil Review Africa.
This was disclosed by the Vice President Nnamdi Sambo that the government project cost US$75 million, about N11,797,498,301 billion in 2012, with a further US$100 million about N15,729,997,734 billion, has been earmarked for this year.
“The government is committed to the oil and gas searched in the Lake Basin,” he said.
VP Sambo was quoted as saying that three blocs have been identified in the area after series of research with potentials for oil and gas exploration were found.
“Our plans is to make commercial oil and gas exploration start in the Basin by the fourth quarter 2013, or first quarter of 2014,” he said.
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