BREAKING NEWS! Crude Oil Found In The Lake Chad Area Of North East Nigeria

Date: 08-11-2015 9:47 pm (8 years ago) | Author: Daniel Bosai
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- at 8-11-2015 09:47 PM (8 years ago)
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Nigeria is “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC managing director Ibe Kachikwu was quoted as saying in a statement issued by the state oil company on Sunday.

Kachikwu, who is to be sworn in to President Muhammadu Buhari’s cabinet on Wednesday and is widely expected to become junior oil minister, also said the Nigerian National Petroleum Corporation (NNPC) is projecting revenues of $20 billion in 2016.

Africa’s biggest economy has been hammered by the sharp drop in global oil prices, because it relies on crude exports for around 70 percent of government revenues.

“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 was quoted as saying it would be important to pass the long-delayed Petroleum Industry Bill aimed at overhauling the oil sector, and to encourage investment in the country’s oil and gas industry.

“Kachikwu stated that the NNPC is projecting the inflow of $20bn in 2016 to enable the corporation to fund major projects,” said NNPC spokesman Alegbe.

Portfolios have yet to be assigned to the 36 cabinet members chosen by Buhari, but analysts expect Kachikwu to report to the president, who will personally oversee the petroleum portfolio.


Posted: at 8-11-2015 09:47 PM (8 years ago) | Addicted Hero
- chealseafc at 8-11-2015 09:52 PM (8 years ago)
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i will comment on this matter later pls.
Posted: at 8-11-2015 09:52 PM (8 years ago) | Gistmaniac
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- dickieponga at 8-11-2015 09:55 PM (8 years ago)
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So una don already appoint tifs wey go chop d money abi...
Posted: at 8-11-2015 09:55 PM (8 years ago) | Hero
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- Ayodun1 at 8-11-2015 10:02 PM (8 years ago)
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Another development loading..... Let's see how this goes.

Posted: at 8-11-2015 10:02 PM (8 years ago) | Gistmaniac
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- Ayodun1 at 8-11-2015 10:12 PM (8 years ago)
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Oya... Make Buhari assign Portfolio make work begin fast fast..... If this findings could be true 9ja economy is gonna get boosted..... Nevertheless we still shouldn't rely on just Crude Oil.

Posted: at 8-11-2015 10:12 PM (8 years ago) | Gistmaniac
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- gogoman at 8-11-2015 10:14 PM (8 years ago)
Online (m)
oooh not again i want that oil to vanish so that all dis thief eye go clear!!  and everyone go back to farmer , then corruption no go dey then
Posted: at 8-11-2015 10:14 PM (8 years ago) | Grande Master
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- kp45 at 8-11-2015 10:27 PM (8 years ago)
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brb
Posted: at 8-11-2015 10:27 PM (8 years ago) | Addicted Hero
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- Activated at 8-11-2015 10:46 PM (8 years ago)
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This is nothing new. Oil has always been in Lake chad. The question is whether it is in commercial quantity.
Posted: at 8-11-2015 10:46 PM (8 years ago) | Upcoming
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- sugarwealth at 8-11-2015 11:33 PM (8 years ago)
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Of course it's in commercial quantity, if it's not in commercial quantity I don't think a company like nnpc will make noise or announce it to the public..
Posted: at 8-11-2015 11:33 PM (8 years ago) | Gistmaniac
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- sugarwealth at 8-11-2015 11:36 PM (8 years ago)
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Agriculture is another sector that gives generates huge revenue aside oil, government should revive that sector because oil will not last forever.
Posted: at 8-11-2015 11:36 PM (8 years ago) | Gistmaniac
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- XTnote at 9-11-2015 12:47 AM (8 years ago)
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Now that aboki has discovered oil in his back yard, let's see how it goes mbok
Posted: at 9-11-2015 12:47 AM (8 years ago) | Upcoming
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- mjyabah2 at 9-11-2015 01:14 AM (8 years ago)
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That is good so they will allow peace in the country. Now they will agree to go home and allow the south the independence they deserve.
Posted: at 9-11-2015 01:14 AM (8 years ago) | Gistmaniac
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- Ayodun1 at 9-11-2015 04:07 AM (8 years ago)
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No matter how it goes... Am sure Nigeria will remain #ONE

Posted: at 9-11-2015 04:07 AM (8 years ago) | Gistmaniac
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- Ayodun1 at 9-11-2015 04:08 AM (8 years ago)
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I just pray this won't bring even more set back to our Agriculture.

Posted: at 9-11-2015 04:08 AM (8 years ago) | Gistmaniac
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- Ayodun1 at 9-11-2015 04:11 AM (8 years ago)
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Yeah... That's true @sugarwealth there are still lot of places in Nigeria where  Crude Oil has been found. Only those with commercial quantity will be announced in such way.

Posted: at 9-11-2015 04:11 AM (8 years ago) | Gistmaniac
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- Ayodun1 at 9-11-2015 04:13 AM (8 years ago)
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@gogoman... If Oil vanish" Na all Nigerians go suffer am all... 70% of the economy no be moi moi o.

Posted: at 9-11-2015 04:13 AM (8 years ago) | Gistmaniac
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- Novic at 9-11-2015 04:47 AM (8 years ago)
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Whaoo.. that was great.
Posted: at 9-11-2015 04:47 AM (8 years ago) | Hero
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- Novic at 9-11-2015 04:49 AM (8 years ago)
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this is first tym am hearing this. perhaps chad thank God.
Posted: at 9-11-2015 04:49 AM (8 years ago) | Hero
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- Novic at 9-11-2015 04:51 AM (8 years ago)
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i beliv this wil be a good development for them. i hope this wil nt affect niger economy.
Posted: at 9-11-2015 04:51 AM (8 years ago) | Hero
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- Novic at 9-11-2015 04:52 AM (8 years ago)
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i hope nigeria encorage the good thin they found in there land.
Posted: at 9-11-2015 04:52 AM (8 years ago) | Hero
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