NNDC to begin oil, gas exploration in north-east in 2016

Gas-pipelines

The Northern Nigeria Development Company (NNDC) on Friday, said it would begin oil and gas exploration in the north- east in the first quarter of 2016.

The chairman of the company, Bashir Dalhatu, stated this while briefing journalists at NNDC’s 47th Annual General Meeting (AGM) in Kaduna.

Mr. Dalhatu said the company was collaborating with its technical partners and the Nigerian National Petroleum Corporation (NNPC), on the expertise and budgetary requirements for the take-off of the project.

The company’s Group Managing Director, Ahmed Musa, said NNDC could not commence the project as earlier planned due to the security situation in the region.

Mr. Musa said NNDC was also constrained by finance and production sharing formula.

He said the company needed $20 million for exploration on each of the four oil blocs which caused part of the delay, assuring that plans were underway to begin the project within the first quarter of 2016.

The GMD said the NNDC would open the exploration in the four oil blocs allocated to it in the Lake Chad Basin, while plans were underway to acquire four more oil blocks in the region.

On the AGM, the NNDC said that the company had recorded 42 per cent increase in its income the financial year ended March 31, 2015.

“Operating income increased from N651.2 million to N923.9, while a 73 per cent increase had been recorded in operating profit before tax from N137.2 million to N237.2 million,” he said.

“Furthermore, increase was recorded in earnings per share of 87 per cent from 16.7 kobo to 31.2 kobo and 4.4 per cent in net assets per share from N14.1 to N18. 5 when compared with results of the preceding year ended 31st March 2014.”

The chairman further said NNDC had trained 541 chartered accountants since inception of the programme in 2007 under its Young Professional Development Trust across centres located in Kaduna, Kano and Ilorin.

Mr. Bashir said the fourth study centre would soon be opened in Gombe state for youths in the north-east. (NAN)


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  • olamide

    these means crude oil is present in Northern part of Nigeria

    • Julius

      has always been present.

  • SCHOOLS!!!!!-.Not look for OIL

    I no fit laugh. Prospecting for oil in North East…and it will cost $20m dollars! ….Where will the North East get $20m? By the way how can you be looking for oil in a useless desert region that breeds only suicide bombers…and where do yuou hope to get the money? I hope not my oil money in the Niger Delta? This is how Aboki dey chop money and then they will build little quoranic schools here and there for their people. The North has had 12 Presidents now in 55yrs of Nigeria’s existence AND what did the Northern presidents do for their people? Nothing. They impoverished them and told them reciting Koran was all there is to living.Now Instead of them to focus on industries that would employ people and build schools to teach their people that if you blow yourself up you will dies and not wake up somewhere, they are busy trying to get monye which they will steal for their own pockets. Shame!

    • Du Covenant

      How did your Niger Delta oil get discovered & developed?, with whose money?, it gets more difficult what “your oil” mean when rational thinking is applied in the Nigerian situation. Tin & columbite mining, agriculture….check your geography textbooks and do some thinking…..if these ring a belt?

    • Julius

      You are a moron !. Most of the middle East oil is found in the desert. Look at the Saudis oil, dumb ass, where were they found ?. Well, I understand why you laffing, you may have to drink your oil and gas after all. Now, I dey laff with u !. Where do you think the money that financed the creek discovery came from ?. I know that thinking is not in your dna but, try !

      • NazirJos

        Hit him where it hurts! I like that!

    • ADAMU ABDULLAHI RABIU

      Pls try to be constructive before you any contribution.

      • ADAMU ABDULLAHI RABIU

        Pls try to be constructive before making any contribution

  • NazirJos

    This is a welcome development. The northern state governments should help in funding this project.

  • Kñîghtš Tëmpłær

    Wowza…all the best !!!