Timipre Sylva, minister of state for petroleum resources, says about one billion barrels of crude oil have been discovered in the north-east.
Sylva said this on Wednesday at a press conference to mark the end of the 2020 Nigeria International Petroleum Summit in Abuja.
The minister said large quantities of oil deposits are yet to be found in the country, adding there is need for more exploration to be undertaken.
“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 north-east is about a billion barrels,” he said.
“Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region.”
The minister said he is confident that the petroleum industry bill (PIB) would be passed before the end of June, going by “cordial” relationship between the legislature and the executive.
In October, Samson Makoji, acting group general manager, group public affairs division of the Nigerian National Petroleum Corporation, announced the discovery of oil in the north-eastern part of the country.
He had said the discovery of oil and gas in commercial quantity in the Gongola Basin will “attract foreign investment, generate employment for people to earn income and increase government revenues”.