Buhari confirms over 1 billion barrels of oil reserves, 500 billion Cubic Feet of Gas within the Kolmani area
Nigeria’s President, Muhammadu Buhari on Tuesday disclosed that the Kolmani oil well has over 1 billion barrels of oil reserves and 500 billion Cubic Feet of Gas.
The President also confirmed that there would be more discoveries to include Anambra basin, lower Benue trough and other areas in the country.
He made this disclosure during the commissioning ceremony of the drilling of oil at the Kolmani field between Gombe and Bauchi states.
Buhari said, “This discovery had emanated from our charge to the NNPC to re-strategise and expands its oil and gas exploration footprints to the frontier basins of Anambra, Dahomey, Sokoto, Benue trough, Chad and Bida Basins. Similar activities across the other basins are currently actively on-going.”
Buhari said the project has attracted over $3 billion investments so far.
“We are pleased with the current discovery of over 1 billion barrels of oil reserves and 500 billion Cubic Feet of Gas within the Kolmani area and the huge potentials for more deposits as we intensify exploration efforts.
“It is therefore to the credit of this administration that at a time when there is near zero appetite for investment in fossil energy, coupled with the location challenges, we are able attract investment of over USD 3 billion to this project.”
Buhari gave an indication that the Governors of Bauchi and Gombe States had given assurances of their commitment and willingness to ensure cooperation, said the exploration would be of positive impact to the country.
“As a fully integrated development project comprising upstream production, oil refining, power generation and fertilizer, the project promises many benefits for the nation. This includes but not limited to Energy security, Financial Security, Food security as well as overall socio-economic development for the country,” he added.
Earlier, The GMD, Mele Kyari, disclosed that the ceremony was a collaboration between the two states and asked for continued cooperation.
