FRESH round of exploration for oil and gas in the Lake Chad Basin has commenced, with the Nigerian National Petroleum Corporation (NNPC) earmarking $232 million for the first phase of the exercise.

The exercise is expected to cover the entire basin.

General Manager of National Petroleum Investment Management Service (NAPIMS), a division of NNPC, Mr. Morrison Fibbi, made this disclosure on Tuesday in Maiduguri, Borno State, during a briefing session with Governor Ali Modu Sheriff.

He said the commencement of oil and gas exploration in the Chad Basin would yield "positive results" this time around.

"We had once undertaken oil prospecting venture some few years back only to abandon the project shortly after giving up hopes of discovering the much coveted black gold," he noted, while assuring that this time around, the black gold would be hit.

He however assured that this time around, "there are greater chances of discovering oil on the Nigerian side of Lake Chad," stating that already, the Chad Republic, which is a stone throw distance from Nigeria, has since commenced exportation of crude oil through Cameroon.

Fibbi told the governor, who was represented by his deputy, Alhaji Adamu Dibal, that the $232 million is meant for the phase one of the project, which includes seismic data acquisition of the area.

This, he explained, would enable the management to come out with tangible data and interpretations that will determine the rate of hydro- carbon (oil and gas) deposits in the Nigerian side of Chad Basin, so that proper oil exploration would commence subsequently.

The NNPC chief assured the deputy governor that the issue of oil exploration in the Northern part of the country, especially Borno State, has been on for a long time, even though without positive response and motivation from past government.

He said with the assistance of the Federal Government, the NNPC in conjunction with a Chinese company, known as Integrated Data Services Limited, the state of the art equipment at their disposal will be used in subsequent oil explorations.

Fibbi, therefore solicited the support and cooperation of the state government in the area manpower recruitment and other local logistic needs that might be crucial to the prospecting exercise.

Having assured them of full government support, the governor told NAPIMS management that they are not going to only enjoy the support of the state government alone, but the remaining 18 Northern state governments.

Sheriff added that security would be provided, while access roads to the oil prospecting sites would be built by the state government, so that the transportation of oil and gas explorations equipment would be facilitated.