By our reporter| Nigeria will soon begin oil exploration in the northeast, the minister of state for petroleum resources, Timipre Sylva has said.
Sylva who made the disclosure in an interview with Channels Television’s Newsnight in Abuja, on Monday, said drilling activities has already commenced in the Lake Chad Basin.
“I have said it a few times that we have found oil in the northeast and we have started drilling activities in the Lake Chad Basin,” he said.
“I don’t know how the discovery of oil in the area will impact all the issues there but on our side, we believe that in a very short time, we will start production.”
The Minister also lamented that the COVID-19 pandemic has changed the world’s narrative, including the oil and gas industry, recalling that the recent meeting by the Organisation of Petroleum Exporting Countries (OPEC) in which Nigeria is a member was held virtually.
The minister also noted that piracy, oil bunkering, and illegal refining in the oil-producing region had reduced when compared to what was obtained in the past.
“Pipeline vandalisation is less than it used to be. Before now, we had less than 50 per cent production, I can assure you that pipeline vandalisation is less than it used to be. If you compare what happens now with what obtains in the past, I think it is less now.
“There is still a lot of piracy I understand, but the law enforcement agencies are dealing with it. We are looking at other ways of dealing with it and believe that in a very short time, we will be able to get the full handle on it,” he added.
Sylva who also spoke on the gas conversion, explained that the policy was necessitated by the Federal Government issuing an alternative to Nigeria following the deregulation of oil that will lead to the rise in oil prices.
He noted that gas is a cleaner and more efficient fuel, and regretted that previous administrations had not developed the nation’s gas, stressing that Nigeria’s gas penetration is the lowest in Africa.
With Channel television report
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