Economy

AT LAST! FG Discovers Crude Oil In Borno State

Published

7 years ago

December 16, 2016

Following months of exploration activities, Borno State has joined the club of states producing oil in the country with the discovery of crude oil in the troubled state.

The Federal Government made this known yesterday through the Permanent Secretary in the Ministry of Petroleum Resources, Mrs. Jamila Shua’ra, who was however silent on the particular area in Borno State where the oil was discovered and if the discovery was in commercial quantity..

Disclosing this during the agreement signing ceremony for joint venture, JV, cash call exit and presentation of the petroleum sector score card in Abuja, Shua’ra attributed the discovery of oil in Borno and Lagos states to the doggedness of the present administration.

In the scorecard presented to stakeholders, the ministry also pointed out that the introduction of Price Modulation Mechanism and Appropriate Pricing Framework had helped the Federal Government to save N1.4 trillion that would have been expended on subsidy payment between May and November.

The ministry also announced that the Department of Petroleum Resources, DPR, would by next year conduct bid rounds for open blocks and conclude the previously aborted marginal fields bid round to enhance the entry of new players, stimulate competition and generate revenue for the government.