November 22, (THEWILL) – President Muhammadu Buhari has inaugurated the Kolmani Development Project, to explore and refine crude oil in Northern Nigeria, which is the first of its kind in the region.
The project was inaugurated on Tuesday Morning, at the Presidential Flag-off Ceremony of the Kolmani Integrated Development Project, at the Kolmani oil field site, Alkaleri in Bauchi State.
Speaking at the event, President Buhari noted that NNPC Ltd. and its partners attracted an investment of $3 billion to the project.
He said the Kolmani River oil field is significant to find oil outside established Niger Delta basins.
Buhari added that the successful discovery of the Kolmani oil and gas field has finally broken the jinx, citing that the discovery emanated from the government’s charge to NNPC to restrategize and expand the oil and gas exploration footprint to Anambra, Dahomey, Benue, and Bida basins.
Buhari also noted that similar exploration activities are ongoing in other basins.
“We are pleased with the present discovery of 1 billion oil reserves with huge potential for more deposits as we diversify exploration efforts.
“The discovery attracts investments to Nigeria’s hydrocarbon resources and would provide benefits, including energy, food, financial security, and social economic development for Nigeria”, he said.
He noted that huge capital requirements were needed for the project due to the landlocked location and that he instructed NNPC Ltd to utilize its power and portfolio to derisk the project to attract much-needed resources.
“I look forward to the successful delivery of Kolmani Integrated Development Project, which would be a pillar in Nigeria’s economy”, he said.
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