Nigeria is "on the verge of a significant oil find" in the Lake Chad area of the northeast, NNPC managing director Ibe Kachikwu, said on Sunday in a statement.
"There are signs from the latest 3D seismic studies that oil may be very close to being found now in Lake Chad," Kachikwu was quoted as saying in a statement issued by NNPC spokesman Ohi Alegbe.
"I am optimistic that by the end of the year we should be able to announce something major on this," he said in a presentation in Lagos, according to the statement.
Kachikwu also said passing the long-delayed Petroleum Industry Bill aimed at overhauling the oil sector, and to encourage investment in the country's oil and gas industry is very important at the moment.
"Kachikwu stated that the NNPC is projecting the inflow of $20bn in 2016 to enable the corporation to fund major projects," said NNPC spokesman Alegbe
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