Oil and gas exploration may start in Chad Basin by 2014

petroleum  zoniedude1Three blocs have been identified in the Lake Chad Basin which have great potentials for oil and gas exploration.Commercial oil and gas exploration may begin in the Chad Basin near Borno state in Nigeria by 2014 with government-financed oil prospecting in the region yielding positive results

According to Nigerian vice-president Namadi Sambo the government project cost US$75mn in 2012, with a further US$100mn earmarked for this year.

He noted, “The government is committed to the oil and gas search in the Lake Chad basin.”

Sambo added that three blocs have been identified in the area after series of research which have great potentials for oil and gas exploration.

“Our plan is to make commercial oil and gas exploration start in the basin by the fourth quarter of 2013, or first quarter of 2014,” he explained.

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