The Northern Nigeria Development Company, NNDC, says it would commence the exploration of oil and gas in the north- eastern part of the country by the first quarter of next.
This was disclosed on Friday by the Chairman of the company, Alhaji Bashir Dalhatu, while briefing newsmen at NNDC’s 47th Annual General Meeting in Kaduna.
Dalhatu stated that NNDC was currently collaborating with its technical partners and the Nigerian National Petroleum Corporation, NNPC, on the expertise and budgetary requirements for the flag off of the project.
Also speaking, the company’s Group Managing Director, GMD, Alhaji Ahmed Musa, noted that the company could not start the project as earlier planned due to the security situation in the region.
Musa added that the company was constrained by finance and production sharing formula.
While noting that NNDC needed the sum of 20m dollars for exploration on each of the four oil blocks which caused part of the delay, Musa stressed that modalities were underway to commence exploration within the first quarter of 2016.
He said the company from the first quarter of next year would open the exploration in the four oil blocks allocated to it in the Lake Chad Basin, adding that plans were underway to acquire four more oil blocks in the region.
Speaking on the AGM, the GMD said the company had recorded 42 per cent increase in its income the financial year which 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.
“ 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, “ he said.
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