Having unsuccessfully resolved the crisis in Nigeria's crude oil hub, the Niger Delta region, the Federal Government has reportedly resolved to dump drilling of crude oil from the region.
The President Muhammadu Buhari-led federal government of Nigeria will soon start drilling crude oil in Lake Chad Basin region in what is supposed to boost the country’s output, TodayNG reports
The resolution was reached after efforts to placate militant groups in Niger Delta failed.
The exploitation of oil outside the traditional crude oil stronghold is to plug the hole created by destruction of oil and gas infrastructure by the militant groups.
Oil drilling in the Delta, Rivers and Bayelsa states have largely been disrupted by insecurity in the areas bringing down the daily production to one million barrels from 2.2 million barrels.
The ministers of state for petroleum, Dr. Ibe Kachikwu, on Friday confirmed oil drilling in the Chad Basin saying it will start in the last quarter of this year.
Chad Basin is located in the northeast where activities of Boko Haram have been countered significantly.
“The decision to diversify our business portfolio is about all of us and about the future of our dear country, the vision is clear, and we are determined not to fail,” Dr Kachikwu said.
The oil field already mapped out and secured covers 3,350 square kilometres.
The production from the well would help achieve the daily target of 2.5 million barrels.