One billion barrel of crude oil discovered in Northeast – Sylva

Mr Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday.

“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.

“We are banking on the fact today to make that promise on the fact that there is a very cordial relationship now between the legislature and executive.“For so long we have been quivering about the PIB, for more than 20 years. And for so long, we have not been able to attract a lot of investment into the oil sector.

He noted that investors could not invest in Nigeria if the fiscal framework was shaking or uncertain. “There are very great opportunities in Nigeria, and I believe if we can only stabilise the fiscal framework and bring peace to Nigeria, investments will flow into Nigeria.

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