How FG spent $340m, N27bn in search of oil in the North

After 3 decades of elusive search for hy­drocarbons in the Lake Chad Basin where the Federal Government spent about $340 million and additional N27 billion, in seismic expedition, Nigeria looks set to continue its crude oil exploration in the North East region.
But petroleum engineers, investment ex­perts and geologists have warned the Buhari administration could yet burn its fingers in the long run as the geography of the zone may not guarantee a commercial find.

It was on the basis of this sentiment that the recent marching order handed down to the management of the Nigerian National Petroleum Corporation (NNPC) to resume oil search in the Chad Basin after 30 years of futile efforts is eliciting reactions from stake­holders in the oil and gas sector.
They have argued that the quest for hydro­carbons in the Chad Basin, which is adjacent to Niger Republic, Cameroon and Chad, would seriously be hampered by economies of scale projections, insecurity and the unwilling­ness of oil companies to drill outside the Niger Delta with already proven reserves. This may also have been re­sponsible for their inability to invest in the North East after 30 years of exploration.
Full Article Here