FG will start exploration for oil in the northeast, oil minister said
Petroleum Minister of State Timipre Silva announced plans by the federal government to begin exploration for oil in the northeast of the country.
Speaking during a recent interview with Newsnight TV in Abuja, which aired on Monday.
“I have said several times that we found oil in the northeast and started drilling in the Lake Chad basin,” He said.
“I do not know how the discovery of oil in this area will affect all the problems, but we, for our part, believe that we will start production in a very short time.”
The minister also complained that the COVID-19 pandemic has changed the mindset, including in the oil and gas industry.
He recalled that a recent meeting held by the Organization of the Petroleum Exporting Countries (OPEC), of which Nigeria is a member, was held virtually, noting that such meetings were not planned before the era of COVID-19.
Silva has also reacted to piracy, oil shipments and illegal oil refining in the oil-producing region, saying these actions were not in line with what they have achieved in the past.
“There is less vandalism on the pipeline than it used to be. Earlier production was less than 50%, I can assure you that there is less vandalism in pipelines than it was before. If you compare what is happening now with what has been achieved in the past, I think it is less now.
“I understand that piracy is still widespread, but the police are dealing with it. We are looking for other ways to deal with this and believe that in a very short time we can fully deal with this, ”he added.
Speaking about gas conversion, the minister explained that such a policy was needed by the federal government, which issued an alternative to Nigeria after the deregulation of the oil sector, which would drive up oil prices.
Noting that gas is a cleaner and more efficient fuel, the minister expressed regret that previous administrations did not develop gas in the country, noting that gas penetration into Nigeria is the lowest in Africa.
Source: – TV channels