The oil exploration ongoing by the NNPC appears to have yielded positive results as the Minister of State for Petroleum Resources, Timipre Sylva, said that about one billion barrels of crude oil have been discovered in Northeastern part of Nigeria.
Recall that oil exploration has been going in the chad basin and Benue basin since 2009.
The Minister revealed the information at a news Conference to end the 2020 Nigeria International Petroleum Summit, NIPS, 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.
“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. The Minister also assured stakeholders that the Portharcourt refinery would be refurbished soon.