SAN FRANCISCO, February 12, (THEWILL) – The Minister of State for Petroleum Resources, Chief Timipre Sylva has disclosed that at least one billion barrels of crude oil have been discovered in northeastern Nigeria.
The Minister made the announcement at the Nigerian International Petroleum Summit (NIPS) in Abuja, which ended Wednesday.
“The figure is not totally out yet. But from the evaluation results we are getting, the reserve that has been discovered in the North-East 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.
The Buhari administration had encouraged exploration of crude in the chad basin, expending millions of dollars on the project.