FG discovers 1bn barrel of crude oil in North East

The Minister of State for Petroleum Resources, Timipre Sylva, said on Wednesday about one billion barrels of crude oil have been discovered in the North-East part of Nigeria.

Sylva disclosed this at a news conference on the 2020 Nigeria International Petroleum Summit (NIPS) held in Abuja.

He said: “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.” According to him, a lot of oil is yet to be discovered in the country. He added that there was a need for more exploration as more oil would be discovered.