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President Muhammadu Buhari on Tuesday has stated that the successful discovery of Kolmani Oil and gas Field by the Nigeria National Petroleum Corporation (NNPC) and partners in Bauchi and Gombe states has broken the jinx of oil discovery in upper Benue Trough apart from the Niger Delta.
President Buhari who stated during the flag-off ceremony of the Kolmani Integrated Development Project KIPRO of Oil Prospecting Licenses OPLS 809 and 810 at the Kolmani Field Site, which held at Barambu community in Alkaleri local government area of the state, said that efforts to find commercial oil and gas in the established Niger-Delta River Basin was attempted for many years without the desired result.
He said that the NNPC has re-strategized and expanded its oil and gas exploration footprints to the front-yard basins of Anambra, Dahome, Sokoto, Benue trough and Chad River Basins, adding that similar activities across other River basins are currently on-going.
“We are pleased with the discovery of over a billion crude oil reserve and 500 Billion Cubic litres of liquid gas within the Kolmani fields as well as the huge potentials for more deposits as we intensify exploration efforts.It is good to note that the discovery has now attracted Investments for an end to end integrity development and Money taxation of the hydro-Carbon resources.
“The project promises many benefits for the nation, this include but not limited to energy security, financial security, food security as well as an over-all social economic development, considering the location and the huge capital requirements, the economics of the project is a challenging proposition.
“Consequently, I implore NNPC to utilize and leverage their vast asset and portfolio across all corridors of this operatives to advertise the project in order to attract the much needed Investments. I have directed NNPC to continue along these lines”, he said.
In his speech, the Group Managing Director NNPC, Mele Kyari thanked the President for his doggedness amidst economic turmoil for ensuring the success of the flagging up of the oil rig said the region would open up socio-economic development of the country.
He said that the concept of selecting a funding and technical services contractor to obtain the crude and gas produced from the field is a well-conceived and welcome development, adding that more of such partnership should be in pursued with professional private companies of world-class records in the oil and gas excellence and financial capacities, particularly now that the exploration of oil and gas Bauchi and Gombe has opened up the North-east region to investors in oil and gas.
The NNPC boss said that more discoveries are bound to happen if more explorations continue in the country, expressed confidence that the current administration efforts that has led to improved security in the North-east region, will result in stepped-up exploration activities and discoveries in Lake Chad Basin.
