The Minister of State for Petroleum Resources, Timipre Sylva, said that about one billion barrels of crude oil have been discovered in the Northeastern part of Nigeria.
Mr Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit, NIPS, in Abuja on Wednesday.
“The figure we are getting, the jury is not totally out yet but from the evaluation results, we are getting the reserve that has been discovered in the northeast is about a billion barrels.
“Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region,” he said.
According to him, a lot of oil is yet to be found in the country.
He added that there was the need for more exploration in the country as more oil would be discovered.
Commenting on the passing of the Petroleum Industry Bill, PIB, by June, he said that he was confident that it would be passed based on the cordial relationship between the legislature and the executive.
“We are banking on the fact today to make that promise on the fact that there is a very cordial relationship now between the legislature and executive.
“Today Nigerians all agree that there is a need for us to pass the PIB.
“For so long we have been quivering about the PIB, for more than 20 years. And for so long, we have not been able to attract a lot of investment into the oil sector.
“Let me give you an example, by the year 2002, our oil reserves stood at around 22 billion barrels. We were able to grow that reserve from 22 billion barrels to 37 billion barrels by 2007.
Source: News update