Borno State, in northeastern Nigeria, has joined the league of oil-producing areas in the country, with the discovery of crude oil after many months of exploration, Ecofin Agency informed.
Ministry of Petroleum Resources’ Permanent Secretary, Jamila Shuaara, disclosed this during the agreement signing ceremony for joint venture (JV) cash call exit and presentation of the petroleum sector score card in Abuja, reported Vanguard.
Shuaara, however, did not disclose the exact area the oil was discovered in the state and the quantity. In the scorecard submitted to stakeholders, the ministry noted that the Department of Petroleum Resources (DPR) would carry out bid rounds for open blocks and finalize the initially terminated marginal fields bid round in 2017, so as to improve the entry of new players, encourage competition and generate revenue for the government.
During the event, Nigeria’s Vice President, Yemi Osinbajo, also stated: “Recently, the Federal Executive Council approved new measures and strategies aimed at eliminating the burden of joint venture cash calls arrears and easing future payments in the upstream sector.” He added: “The measures will boost additional investments and raise daily production levels to about 2.8mb/d.”