Oil: FG sees potential in five basins

The Federal Government has seen oil exploration and exploitation potential in the Benue, Gongola, Anambra, Bida and Sokoto basins.This is aside the Chad Basin, which is currently undergoing exploration work, and the Niger Delta Basin, where the country is currently producing most of its oil and gas.The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, said this at the 29th Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists in Lagos on Tuesday.The minister was represented by the Group General Manager, National Petroleum Investments Management Services, Mr. Morrison Fiddi.She said the government shared the same aspiration as NAPE in its drive to support reserves addition and growth of the industry, adding that the potential of growing oil and gas reserves was enormous and the expertise of the association would be required in turning the potential into reality.According to the minister, government is not unmindful of some of the challenges being faced by the industry which include security, funding, exploration and exploitation of frontier areas, attainment of gas flare out and environmental and community issues, among others.Let me assure you that government is working assiduously with relevant stakeholders to mitigate these challenges, Alison-Madueke said.
Click here to read full news..