FG Discovers One Billion Barrels of Oil in North East
The federal government has discovered one billion barrels of oil in the North East, the Minister of State for Petroleum Resources, Chief Timipre Sylva announced on Wednesday
Speaking at a press briefing in Abuja on the occasion of the Nigeria International Petroleum Summit 2020 Sylva expressed concerns that uncertain fiscal environment was creating a problem for investment in the oil and gas sector.
He also said it was worrisome that the passage of the Petroleum Industry Bill has suffered a lot of delays.
He 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.”
On the PIB, he expressed hope that it will be passed in the next few months,
According to him, “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.”
“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.”
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