The discovery was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva at the 2020 Nigeria International Petroleum Summit (NIPS) held in Abuja. A Nairametrics report says that the new discovery contains one billion barrels and that the nation’s oil and gas has worsened as the uncertain fiscal environment put a damper on investment. Nigeria is West Africa’s biggest producer of petroleum and the sixth-largest supplier of oil in the world. In this regard, Sylva cited the example of Nigeria’s oil reserve, highlighting 2002 when the oil reserve stood at around 22 billion barrels. “We were able to grow reserve from 22 billion barrels to 37 billion barrels by 2007,” he said.

Source: The North Africa Journal February 13, 2020 15:56 UTC