Investigations have revealed that the Nigerian National Petroleum Corporation (NNPC) has lost millions of dollars in the unyielding search for crude in the Chad Basin, without any assurance that the efforts, would deliver results.
It was gathered that the NNPC kicked off exploratory activities in the Basin, after its initial efforts that led to the drilling of 23 abandoned exploratory wells failed.
A top geophysicist with one of the International Oil Companies (IOCs) last weekend stated that the search for oil in the Chad Basin would not yield any positive results, as “the basin is too young to contain hydrocarbons”.
He said: “Chad Basin is too young to contain hydrocarbons. Crude oil was discovered in the Chad Republic because the basin is deeper in the area but very shallow in the Nigerian side. The Nigerian side does not have the required temperature and pressure to form oil because it is shallow. That is why all the exploration work there is done by the NNPC because no oil company will go there to waste money. The government knows that but the NNPC has to remain there because of politics.”