Nigeria’s Minister of Petroleum Resources, H.E. Timipre Sylva, has announced that a new discovery of crude oil had been made in the North East of the country.
The minister noted that evaluation results show that the new discovery contains 1 billion barrels and that more exploration in the country was expected to be done.
“The figure is not totally out yet but from the evaluation results we are getting, the reserve that has been discovered is about a billion barrels. Those are the kinds of figures we are seeing and we are beginning to understand the geological structure of the region,” said Minister Slyva.
Nigeria is Africa’s largest producer of energy and the continent’s economic powerhouse. Shell adds approximately 90% of its foreign exchange proceeds.