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FG says N/East oil find has 1bn barrels reserves

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The Federal Government has disclosed that the oil find made in the North East has one billion barrels of crude oil.

Speaking at the closing ceremony of the Nigerian International Petroleum Summit, NIPS, Minister of State for Petroleum Resources, Chief Timipre Sylva, 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.”

He further stated: “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.

“For certain, this first quarter, the rehabilitation of Port Harcourt refinery would begin. I cannot tell you for certain when the rehabilitation of the Warri refinery or the rehabilitation of Kaduna refinery will start.”

He said: “Technically, our people have become very competent, they can run this industry. However, this industry is a combination of two things; technical competence and access to capital. We cannot now access capital although we have the technical competence; and what makes it difficult to access capital, one of the thing that makes it difficult to access capital when it comes to Nigeria are the things that we have out there about Nigeria.

“Actually,  all the time, we add to the country risk, the perception about Nigeria because we are saying all the evil things about Nigeria and really never dwell on those things that are great about Nigeria. Look at us today, since the 1960s, we have made a lot of progress and if you ask me where are the progress I will tell you that Abuja is part of our success stories, a brand new city created from scratch.”

He added: “Somehow we have done a few things well and we must agree so when we go out there, before the next great edition of NIPS, we must all begin to contribute to the good story about Nigeria, let’s begin to say some of the good things that has happened in Nigeria, let’s begin to say there are some good movement in Nigeria.”

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