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.
Mike Effiong/ED
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