The Minister of State for Petroleum Resources, Chief Timipre Syva, said on Wednesday that about one billion barrels of crude oil have been discovered in the Northeast.
Sylva spoke at a news conference to close the Nigeria International Petroleum Summit (NIPS) in 2020 in Abuja.
“The number we are obtaining, though not yet fully disclosed, but due to the results of the assessment we are obtaining, the reserve that was discovered in the northeast is around one billion barrels.
“These are the types of figures that we are seeing and we are beginning to understand the geological structure of the region,” he said.
According to him, there is still a lot of oil in the country.
He added that there was a need for more exploration in the country, as more oil would be discovered.
Commenting on the approval of the Petroleum Industry Law (GDP) in June, he said he is confident that the approval will be approved based on a cordial relationship between the legislature and the executive.
“We are betting on the fact today, to make that promise on the fact that there is a very cordial relationship now between the legislature and the executive.
Today, all Nigerians agree that it is necessary to approve GDP.
”We have been shaking GDP for so long for over 20 years. And for a long time, we were unable to attract much investment in the oil sector.
“Let me give you an example. In 2002, our oil reserves were around 22 billion barrels. We managed to increase this reserve from 22 billion barrels to 37 billion barrels by 2007.
”From 2007 until now, we have only managed to increase our reserves from 37 billion barrels to 37.5 billion barrels in more than 10 years. Why? There is not much investment in Nigeria, ”he added.
He noted that investors could not invest in Nigeria if the fiscal environment was shaky or uncertain.
“If no one knows when the laws will be passed, no one will want to invest new capital in Nigeria. And that is why you see that we are almost stagnant in Nigeria’s oil industry.
Therefore, we believe today that there is a consensus among all of us – industry, Nigerians and the government – that it is necessary to stabilize the fiscal structure so that investors can be sure and transfer their money to Nigeria.
“There are great opportunities in Nigeria, and I believe that if we can stabilize the fiscal structure and bring peace to Nigeria, investments will flow to Nigeria.
“This is really what gives me the confidence to say that there is now a consensus among all patriotic Nigerians that in six months GDP will be approved,” he added.
When refurbishing the refinery, he said the refurbishment of the Port Harcourt refinery would begin in the first quarter of 2020.
We will start the rehabilitation of the Port Harcourt refinery, which is Nigeria’s largest refinery. If we managed to finish the Port Harcourt refinery, we would have achieved a lot as a government. “
“In the meantime, we are also continuing studies around the Warri refinery, we are also continuing discussions around the Kaduna refineries,” he said.