Oil Ministry Confirms Discovery Of Oil In Borno

- The search for oil in the north east has yielded result
- The Ministry of Oil Resources confirmed the
discovery in Borno
- The country is targeting zero militancy in 2017

The search for oil in the north east has yielded
result as the federal government confirmed the
discovery of crude oil in Borno which is north
east Nigeria.
This was disclosed by Dr. Jamila Shua’ra who is
the permanent secretary of the Ministry
Petroleum Resources 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.”
She said: “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.
Alhaji Abubakar Malami who represented the
vice president noted that the sector contributed

to 90 per cent of the country’s earning.
Dr. Ibe Kachikwu who is the minister of state for
petroleum resources noted that the downside of
the subsidy removal was the fall in the country’s
consumption from 50 million litre per day (mlpd)
previously to the current figure 28mlpd.
He said the government was focused on
achieving zero militancy in 2017 and that
Nigeria’s oil production has risen to close to 1.8

million barrels per day