Nigeria: North-East to Begin Oil, Gas Exploration in 2016

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The Northern Nigeria Development Company (NNDC) has recently announced at its 47th Annual General Meeting (AGM) in Kaduna, that it would begin oil and gas exploration in the north- east Nigeria, in the first quarter of 2016.
Chairman of the company, Bashir Dalhatu, stated that they are collaborating with 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 as well as financial constraints and production sharing formula.
He said the company needed $20 million for exploration also stating that 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.
Giving a run-down of the financial year, Musa pointed that the company had recorded 42 per cent increase in its income.
“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, adding that “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 NNDC has trained 541 chartered accountants since inception of the programme in 2007 under its Young Professional Development Trust, across centers located in Kaduna, Kano and Ilorin, while the fourth study centre would soon be opened in Gombe state for youths in the north-east.

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