• 2 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 4 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 7 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 9 hours Libya’s NOC Restarts Oil Fields
  • 11 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 3 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 3 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 4 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 4 days Kinder Morgan Delays Trans Mountain Launch Again
  • 4 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 5 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 5 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 6 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 6 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
  • 7 days China Unlikely To Maintain Record Oil Product Exports
5 Mining Stocks To Watch In 2018

5 Mining Stocks To Watch In 2018

The mining industry had a…

China's Gas Production Hits Three-Year High

China's Gas Production Hits Three-Year High

In December 2017 China pumped…

NNPC Plots Exploration Of Chad Basin As Boko Haram Threat Fades

Oil Rig

Progress in Nigeria’s fight against Boko Haram will allow the country to continue exploration for oil in the Chad Basin – a formation recently freed from the grips of the terrorist group, according to Maikanti Baru, head of the Nigerian National Petroleum Corporation (NNPC).

Full exploration of the light and heavy oil reserves in the basin will begin by the end of this year, Saidi Mohammed, NNPC CEO of gas and power, told reporters on Monday. Relevant equipment has already begun its journey to the site, escorted by the Nigerian military.

In the next six weeks, we are going to redeploy our team of experts back to Maiduguri to resume oil exploration with better technology in the Lake Chad Basin,” Mohammed said. “This is necessary with our renewed efforts in harnessing, Oil, Gas and Power to increase the economy of the nation, in line with the agenda of President Muhammadu Buhari in job creation and economic diversification.”

Borno Governor Kashim Shettima held a meeting with the NNPC leaders that visited the state, urging the state-run company to dedicate funds to the reconstruction of infrastructure destroyed by Boko Haram.

In December 2015, Buhari said the extremist group—which had pledged allegiance to ISIS—was “technically defeated” and driven out into a tiny northeastern corner of the country. However, the terrorist group is still launching attacks and was blamed for suicide blast at the end of 2016 that killed at least 30 people.

Last October, the Nigerian military launched Operation Forest Storm, which targeted both Boko Haram and the separatist Niger Delta Avengers. The NDA—who claim to fight for socioeconomic equality rather than religious causes—have eased their attacks since Lagos began talks with Niger Delta leaders to understand grievances in local communities.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News