Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu has indicated that Nigeria may be “on the verge of a significant oil find” in the Lake Chad area of the northeastern part of the country.
“There are signs from the latest 3D seismic studies that oil may be very close to being found now in Lake Chad,” Kachikwu was quoted as saying in a statement issued by NNPC spokesman Ohi Alegbe. “I am optimistic that by the end of the year we should be able to announce something major on this,” he said in a presentation in Lagos, according to the statement.
Kachikwu, who is to be sworn in to President Muhammadu Buhari’s cabinet on Wednesday, is widely expected to become Minister of State in the petroleum ministry.