NNPC confirms huge oil discovery in Benue trough, eyes Chad Basin, Anambra Platform | Ripples Nigeria
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NNPC confirms huge oil discovery in Benue trough, eyes Chad Basin, Anambra Platform

Oil prices climb further amid bleak outlook as Bonny Light hits $26.13

The Nigerian National Petroleum Corporation (NNPC) Wednesday night announced vast oil find in the Benue Trough, a geological structure spanning about 1,000 kilometres northeast from the Bight of Benin to Lake Chad.

Mele Kyari, the corporation’s chief confirmed the discovery while answering questions during an interview on Channels TV’s Politics Today, saying hopes were high that oil would be struck soon in the Chad Basin and the Anambra Platform.

“As a matter of fact, we have found significant oil in the Benue trough,” Mr Kyari said of oil exploration in the north, adding that “there are potentials for finding oil in other basins of the country, in the Chad Basin, in the Anambra platform. And that will add to our reserves, the target of reserves would be met.”

Read also: Nigeria to sell controlling stake in its four oil refineries –NNPC

He noted that the development would enable products to come within the easy reach of consumers.

Kyari assured that the formal announcement would be made at the right time “on the basis of the law.”

The oil find comes at a time that Africa’s top oil producer is looking to break away from reliance on oil, which provides around 60% of government’s revenue and 90% of foreign exchange earnings, and diversify its revenue base.

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