At the closing ceremony of the Nigerian International Petroleum Summit (NIPS) in Abuja the Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that one billion barrels of crude oil have been discovered from the oil field in the North-East.
He lamented that the negative comments about Nigeria are preventing the inflow of capital into the oil and gas sector.
“It is only at the conclusion of the search in the North East that the government can tell the actual quantity of oil deposit in the region.
“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.
He further stated that the Federal Government will soon commence the rehabilitation of the refineries, noting it was committed to ensuring that the firms returned to oil refining.
He said, “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 Refinery.
“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.”
The minister added that “Technically, our people have become very competent, they can run this industry. But this industry is a combination of two things; technical competence and access to capital.”