After months of intense search, Nigeria’s Federal government has finally announced discovery of one billion barrels of crude oil in the northeast region of the country.
The Minister of State for Petroleum Resources, Chief Timipre Sylva announced the discovery at a news conference to end the 2020 Nigeria International Petroleum Summit, 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,” he said.
“Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region.
The minister noted that a lot of oil is yet to be found in the country, adding that there was a need for more exploration in the country as more oil would be discovered.
Commenting on the passing of the Petroleum Industry Bill by June, he said he was confident that it would be passed based on the cordial relationship between the legislature and the executive.