The Minister of State for Petroleum Resources, Timipre Sylva
has announced that about one billion barrels of crude oil have been discovered
in the Northeast region of the country.
Sylvia disclosed this on Wednesday February 12, while
speaking at the end of the 2020 Nigeria International Petroleum Summit (NIPS)
in Abuja. He stated that there is need for more exploration in the country as
more oil would be discovered.
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."
On passage of the Petroleum Industry Bill (PIB) by June
2020, Sylva said;
"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.
”Today, Nigerians all agree that there is a need for us to
pass the PIB.
”For so long we have been quivering about the PIB, for more
than 20 years. And for so long, we have not been able to attract a lot of
investment into the oil sector.
”Let me give you an example. By 2002, our oil reserves stood
at around 22 billion barrels. We were able to grow that reserve from 22 billion
barrels to 37 billion barrels by 2007.
”From 2007 to now, we have only been able to grow our
reserves from 37 billion barrels to 37.5 billion barrels, in more than 10
years. Why? Not much investment is coming into Nigeria,” he added.
“If nobody knows when laws will be passed, nobody will want
to invest new capital in Nigeria. And that is why you see that we have almost
been stagnant in the Nigerian oil industry.
"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.
”There are very great opportunities in Nigeria, and I
believe if we can only stabilise the fiscal framework and bring peace to
Nigeria, investments will flow into Nigeria.
“That is really what gives me the confidence to say that
there is a consensus now among all patriotic Nigerians that in six months the
PIB will be passed.”
Sylvia also disclosed that rehabilitation of Port Harcourt
refinery would start in the first quarter of 2020. He added;
"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."
