Muhammadu Buhari of Nigeria announced on Tuesday the discovery of a massive oil reserve in the north of the country that may hold over a billion barrels of crude.
that, should the government manage to extract the oil in question and keep it from being stolen, it could generate as much as 32 trillion naira, or about $72 billion.
Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria , during a protest over crude oil theft. “With an estimated 1 billion barrels of crude oil reserve from the new northern oil wells, Nigeria is expected to gain nearly $73 billion or N32.3 trillion at an average global crude oil price of $73 per barrel benchmark used for the 2023 budget proposal,”predicted. “This earning could be realised over a period of 10 years; depending on when commercial production starts.”
That newspaper’s report offered more details on the extent of the project, including plans to build a refinery in the region rather than simply extract and sell the crude product. NNPC Limited, Nigeria’s primary oil company, will reportedly manage the construction of a refinery and “build a power plant which will utilise the energy from the wells to produce electricity.”
Figuring out how to secure the oil so that criminals do not steal it out of storage tanks and pipelines will be critical to the success of the project. In southern Nigeria, where all the nation’s oil wealth was previously located, organized criminal syndicates have nearly perfected building clandestine infrastructure to steal the government’s oil. Last month, NNPC revealed that it had discovered an elaborate, 2.5-mile-long secret pipeline built into a key export terminal.
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