NNPC to Resume Oil Search in Chad Basin

May 04:

By Phillip Oladunjoye

Lagos

The Nigerian National Petroleum Corporation has said it would resume oil search in the Chad Basin based on the remarkable improvement in the security situation in the north eastern part of the country.

Group Managing Director of the Corporation, Dr. Joseph Dawha, disclosed this at the 21st Annual General Meeting of Integrated Data Services Nigeria Limited, IDSL, the subsidiary of the NNPC that is carrying out the seismic data acquisition in the Chad Basin.

The event took place at the week end in Abuja.

Dawha noted that preminary indications from the earlier exercise had been encouraging, prompting the corporation to go back.

“Preliminary indications from the previous exercise so far are encouraging and we are going to move back there,” he said describing the security situation in the northeast that led the corporation to suspend oil exploration activities in the Chad Basin as ‘unfortunate’ while commending the security forces on their recent success in the fight against the insurgents.

On the performance of IDSL, the Group Managing Director said in spite 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 thirty two percent revenue growth.

Managing Director of the company, Engr. Victor Briggs, said IDSL is expanding its operations beyond the shores of Nigeria to neighbouring West African countries and other emerging oil producing countries in Africa.

He noted that Integrated Data services Limited, (IDSL) was incorporated in 1988, adding that 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.

Source: dailyindependentnig.com/2015/05/nnpc-resume-oil-search-chad-basin/?