After many years of fruitless search for crude oil in northern Nigeria, luck has finally smiled on the region as the black gold has been discovered in Borno and the state will soon be joining the league of oil producing states in Nigeria, this is according to the Ministry of Petroleum Resources.
Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Jamila Shua’ra, disclosed this development at the agreement signing ceremony for joint venture, JV, cash call exit and presentation of the petroleum sector score card in Abuja. Shua’ra, however, failed to state the particular area in Borno State where oil was discovered and if the discovery was in commercial quantity.
She 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 noted 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.
Also, the ministry announced that the Department of Petroleum Resources, DPR, would in 2017 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.
