ONE BILLION BARRELS OF OIL DISCOVERED IN NORTH-EAST- TIMIPRE SLYVA
The Minister of State for Petroleum Resources, Timipre Slyva, said that about one billion barrels of crude oil have been discovered in the North -Eastern part of Nigeria.
Sylva disclosed this on Wednesday, at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja.
"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 north-east 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, adding that there was the need for more exploration in the country as more oil would be discovered.
Commenting on passing of the Petroleum Industry Bill (PIB) by June, he said he was confident that it would be passed based on cordial relationship between the legislature and the executive.
He said that if nobody knows when laws will be passed, nobody will want to invest new capital in Nigeria, stating that this is the reason Nigerian oil industry has almost been stagnant.
“So, we believe today that there is a consensus among all of us - industry, Nigerians and government - that there is a need to stabilise the fiscal framework so that investors will be certain and move their money to Nigeria, he opined”.
He added that there are very great opportunities in Nigeria, and only if peace can be brought into the country, investments will flow.
On reconstruction of the refineries, he said that rehabilitation of Port Harcourt refinery would start in the first quarter of 2020.
"We are going to start the rehabilitation of the port Harcourt refinery which is the biggest refinery in Nigeria, if we are able to finish the port Harcourt refinery, we would have achieved a lot as a government. "
"Meanwhile we are also continuing with studies around Warri refinery, we are also continuing discussions around Kaduna refineries," he noted.