The Nigerian government has announced the discovery of oil in Borno State, a North East state ravaged by Boko Haram insurgency.
The permanent secretary of the Ministry of Petroleum Resources, Jamila Shua’ra, disclosed this during the agreement signing ceremony for joint venture, JV, cash call exit and presentation of the petroleum sector score card in Abuja.
Announcing the breakthrough, Mrs. Shu’ara attributed the oil discovery in Borno and Lagos States to the doggedness of the President Buhari administration.
Mrs. Shua’ra, however, did not to state the particular area in Borno State where oil was discovered and whether the discovery was in commercial quantity.
In the scorecard presented to stakeholders, the ministry 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.
The ministry also 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.