- President Muhammadu Buhari inaugurated the first crude oil drilling project in northern Nigeria, on the boundary of Bauchi and Gombe States. Sterling Global Oil, New Nigeria Development Commission (NNDC) and NNPC Ltd will jointly develop the oil field.
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President Muhammadu Buhari inaugurated the first crude oil drilling project in northern Nigeria, on the boundary of Bauchi and Gombe States. Sterling Global Oil, New Nigeria Development Commission (NNDC) and NNPC Ltd will jointly develop the oil field.
Speaking on the occasion, Mr Buhari stated that the successful discovery of the Kolmani Oil and Gas field by NNPC and her partners came as a result of efforts of a long time. Efforts to find commercial oil and gas outside the established Niger Delta Basin were on for several years.
The current discovery of over 1 billion barrels of oil reserves and 500 billion cubic feet of gas within the Kolmani area holds great promise for the socio-economic development for the country offering Energy Security, Financial Security and Food security. The project comprises upstream production, oil refining, power generation and fertilizer production. He urged all the strategic partners in the project to ensure a harmonious relationship with the local communities while implementing the project.
Mr Buhari acknowledged the challenges faced by the project in terms of the landlocked location and the huge capital requirement. Despite the low appetite for investment in fossil energy, along with the location challenges, the project was able to attract investment of over USD 3 billion.
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NNPC is in the process of expanding its oil and gas exploration footprints to the frontier basins of Anambra, Dahomey, Sokoto, Benue trough, Chad and Bida Basins.
