Oil And Gas Exploration Set To Commence In North East – Buhari

CrudeOilGettyFull (1)President Muhammadu Buhari yesterday disclosed that his administration has plans to extend oil and gas exploration into new fields in the Lake Chad Basin in the North East and in the coastal states, like Lagos, where oil has been discovered in commercial quantity.

The president was represented by Vice President Yemi Osinbajo, who disclosed part of strategies to reposition the Nigerian oil and gas industry, his government had commenced the process of implementing carefully conceived initiatives which would see the country hitting a production target of 2.8 million barrels per day (bpd) of crude oil.

The president made these disclosures yesterday while declaring open the 6th African Petroleum Congress and Exhibition (CAPE VI) being hosted in Abuja.

The measures, he explained, would come in the form of reduction in production costs and increased efficiency in oil exploration so as to achieve a 30 per cent increase in daily production.

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