WeDespite gulping about N149.4billion since inception, the search for commercial oil (profitable enough to offset costs) in Nigeria’s new frontier basins remained thin, as the Bida Basin, Niger State foray for hydrocarbon has not yielded anticipated results.
Already, seven wells so far drilled in the Bida Basin, showed no sign of oil in commercial quantity.
Early this year, an estimated $10billion oil exploration project in Bida Basin, was approved for a Chinese firm to carry out preliminary works to determine the availability of oil in the area. This amount is exclusive of the $340million, and additional N27billion committed by the Federal Government in seismic expedition since the beginning of search for oil in the new frontier.
A laboratory studies for hydrocarbon deposits in the Bida Basin revealed that there was about a 70 per cent gas and 30 per cent oil composition.
The Bida Basin also known as the Mid-Niger Basin is one of the inland sedimentary basins, where Nigeria is hopeful of finding profitable reserves.
But the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, dashed the hope on Sunday, dispelling speculations that oil had been found in commercial quantity in the Bida Basin.