News
Buhari Inaugurates Commercial Oil Production In North
President Muhammadu Buhari, yesterday, inaugurated the commercial production of crude oil and gas from the Kolmani Integrated Development Project.
Located along the fields of Gombe and Bauchi, the Kolmani project, with Oil Prospecting Licences (OPL) 809 and 810; lies in the Gongola Basin of the Upper Benue Trough, straddling the two Northern states.
The field, according to its promoters, is to start producing about 50,000 barrels of crude oil per day and holds over one billion barrels of crude oil reserves, shooting up Nigeria’s oil reserves to more than 38billion barrels.
In his address at the event, Buhari said the facility attracted $3billion worth of investments despite the lack of appetite in the oil sector.
He said, “Considering the land locked location and the huge capital requirement, the economics of the project is a challenging proposition.
“Consequently, from the onset, I instructed NNPC (Nigerian National Petroleum Company) Limited to utilise and leverage their vast asset portfolio across all corridors of its operations to de-risk the project to attract the much-needed investment. I have directed NNPC to continue along these lines.
“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 $3billion to this project.”
Buhari described the ceremony as important in the economic history of Nigeria, “as we move closer to production of oil and gas in the Upper Benue Trough, specifically, the Kolmani River oil and gas field, straddling Bauchi and Gombe states.”
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension