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North-East Oil And Gas Project Has Attracted Over $3bn Investment – Buhari

North-East Oil And Gas Project Has Attracted Over $3bn Investment – Buhari

A file photo of the Kolmani oil exploration site

President Muhammadu Buhari on Tuesday hailed the drilling of oil at the Kolmani field, saying the project has attracted over $3bn investment in the country.

According to a statement by presidential spokesman, Femi Adesina, the President stated this shortly before he flagged off the oil facility in the North-East.

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The oil drill straddled between Gombe and Bauchi and is the first of its kind in the northern region.

Buhari also said more oil discoveries were ongoing in the Anambra basin, lower Benue trough and other areas of the country.

“This discovery had emanated from our charge to the NNPC to re-strategize and expand 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 ongoing,” he said.

“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.”

The President also commended Bauchi State Governor Bala Mohammed and his Gombe State counterpart, Inuwa Muhammed for their unwavering commitment and willingness to ensure support and cooperation in these localities as this activity affects the local populations.

On utilising the Komani field, Buhari said: “As a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertilizer, the project promises many benefits for the nation. This includes but is not limited to Energy Security, Financial Security, Food security as well as overall socio-economic development for the country.”

Source: Channels TV

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