At a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja. Minister of State for Petroleum Resources, Chief Timipre Sylva, announced that about one billion Barrels of Crude oil has been discovered in the Northeast.
Sylva stated that “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.
He further highlighted that a lot of oil is yet to be found in the country. He added that there was a need for more exploration in the country as more oil would be discovered.
He also commented on the passing of the Petroleum Industry Bill (PIB) by June, he said he was confident that it would be passed based on the cordial relationship between the legislature and the executive.
He also noted that investors could not invest in Nigeria if the fiscal framework was shaking or uncertain.