FG Discovers One Billion Barrels of Oil in North East

oil rig
  • FG Discovers One Billion Barrels of Oil in North East

The Federal Government has discovered one billion barrels of untapped crude oil in the North East part of the nation, the Minister of State for Petroleum Resources, Chief Timipre Sylva, has stated.

The minister, who made the disclosure during a press briefing at the Nigeria International Petroleum Summit 2020, said a lot of resources remained undiscovered across the country, saying most of the undiscovered resources might have to be abandoned once the world moves away from oil.

Sylva said, “From the evaluation report we are getting, the reserves that has been discovered in the North East is about a billion barrels. And they are beginning to understand the geological structure of that area.

“If there is a lot of exploration, we believe that a lot of oil still remains to be found in Nigeria. Nigeria is not yet a mature territory; it is still very prolific.”

Sylva, however, expressed optimism that the Petroleum Industry Bill would be passed in the next two quarters as “there is a very cordial relationship now between the legislature and the executive.”

He said, “Today Nigerians all agree that there is a need for us to pass the PIB. For so long, we have not been able to attract a lot of investment into the oil sector. By the year 2002, our oil reserves stood at around 22 billion barrels, and we were able to grow that reserves to 37 billion barrels by 2007.

“From 2007 to now, we have only been able to grow our reserves from 37 billion barrels to 37.5 billion barrels. Why? Not much investment is coming into Nigeria.”

The minister said, “I actually say we have retrogressed because some time ago, this country was producing up to 2.6 million barrels a day. And I remember a long time ago, we actually targeted that we would be producing three million barrels and by now we should have been producing up to four million barrels a day.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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