The Minister of State for Petroleum Resources, Timipre Slyva, has disclosed that about one billion Barrels of Crude oil have been discovered in Northeastern part of Nigeria.
Sylva made the disclosure 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.
He added that there was 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 that he was confident that it would be passed based on cordial relationship between the legislature and the executive.
“We are banking on the fact today to make that promise on the fact that there is a very cordial relationship now between the legislature and executive.