1bn barrels of crude oil discovered in North-East— FG

The Federal Government, Wednesday, disclosed that so far, one billion barrels of crude oil have been discovered in the North-East region of the country.

Speaking at the closing ceremony of the Nigerian International Petroleum Summit, NIPS, Minister of State for Petroleum Resources, Chief Timipre Sylva, also stated that negative comments about Nigeria are hindering the inflow of capital into the country.

Sylva stated that exploration was continuing in the North-East region of the country and when completed, the actual volume would be determined.

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.”

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