Sunday, 8 November 2015

NNPC targets $20bn Investments inflow in 2016

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, over the weekend stated that the Corporation is targeting $20 billion investment flow in 2016.

The GMD, who spoke at the Petroleum Club, Lagos on the title: ‘Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy’, also said, the country may well be on the verge of a significant oil find in the Lake Chad area in North East Nigeria based on analysis of recent seismic 3D data generated from the Chad Basin.
In a statement from the Group General Manager. Group Public Affairs Division, Ohi Alegbe, Kachikwu stated that the Corporation is injecting a lot of energy into the effort to ensure success in this regard.
He said: “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key. It is key both for the geographical balancing of oil production and it is also very key for the purpose of refinery placement in the North in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this’’.

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