FG Confirms Discovery of Crude Oil in Core Northern State

The search for oil in the north east has yielded positive result as the federal government confirmed the discovery of abundant crude oil in Borno state.

This was disclosed by the permanent secretary of the Ministry Petroleum Resources, Dr. Jamila Shua’ra who was at the presentation of the 2016 petroleum sector scorecard held at the auditorium of the Petroleum Technology Development Fund (PDF) in Abuja on Thursday, December 15.

She noted that the discovery was one of the successes of the ministry in 2016.

Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno.
Today, as a team, we have recorded commendable achievements in our sector: the introduction of the PMS Price Modulation Matrix; the availability of PMS in all outlets; eradication of payment on fuel subsidies; located foreign direct investment to finance midstream oil and gas infrastructure; adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; creation of more stable industrial relations.

Professor Yemi Osinbajo who is the vice president also confirmed the discovery and added that the deregulation of the downstream sector save Nigeria N15.4 billion monthly.