President Muhammadu Buhari officially inaugurated the Kolmani Development Project to explore and refine crude oil in northern Nigeria
The project was inaugurated Tuesday morning at the presidential groundbreaking ceremony of the Kolmani Integrated Development Project, at the site of the Kolmani oil field, Alkaleri in Bauchi state.
The project is being run through Oil Prospecting Lease (OPL) 810 and 809 to drill for oil in Northern Nigeria.
Chairman Muhammadu Buhari noted that NNPC Ltd. and its partners have attracted an investment of $3 billion for this project.
He said the Kolmani River oil field is important for finding oil outside the established basins of the Niger Delta.
Broken Jinx: Buahri added that the successful discovery of the Kolmani oil and gas field finally broke the curse, citing that the discovery emanated from the government’s charge to NNPC to restrategize and expand the oil and gas exploration footprint to the Anambra, Dahomey, Benue and Bida. . Buhari also noted that similar exploration activities are taking place in other basins.
- “We are pleased with the current discovery of one billion oil reserves with enormous potential for more deposits as we diversify exploration efforts.
- “The discovery attracts investment to Nigeria’s hydrocarbon resources and would bring benefits, including energy, food, financial security and social economic development for Nigeria.”
He noted that huge capital requirements were needed for the project due to the landlocked location and that he instructed NNPC Ltd to use its power and portfolio to de-risk the project and attract much-needed resources.
- “I look forward to the successful delivery of the Kolmani Integrated Development Project, which would be a mainstay in the Nigerian economy,” added.
For the record: NNPC stated that in 2019 they applied state-of-the-art technologies and area surveys to eliminate exploration risk in frontier basins, which means that frontier exploration is giving positive results today at Kolmani.
Kolmani POL 809 and 810 are located in the Gongola Basin between Bauchi and Gombe States.
The NNPC noted that Nigeria must accelerate to 3 million bpd by 2032.
The GMD, New Nigeria Development Company, Ahaji Sheu Usman, said that the discovery of hydrocarbon in commercial quantity was achieved. He noted that the order given by President Buhari in 2016 to start exploration at Benue is responsible for the discovery of oil in commercial quantities in northern Nigeria. He said the discovery puts an end to doubts that there may be oil in the North, and also put an end to the stagnation and growth of Nigerian oil fields.
He added that only NNPC secured interest in the border watersheds, and NNPC’s determination to drive desire has led to this historic success, stating that the impact will bring value creation for host communities from strategic partnerships, as well as consumption of crude and gas. of the field. He said more such partnerships should be forged to open up the North to oil and gas exploration.
NNPC revealed that business prospects began 30 years ago with Shell, but were abandoned because no meaningful results were achieved. It was revived across the Kolmani River 2, 3 and 4 to explore deeper targets, marking the first phase in 2019 that led to the discovery of 1 billion barrels of oil and 500 billion cubic feet of gas.
Also accompanying it is a petrochemical refining site with a 120,000 bpd oil refinery, a 500 million cubic foot per day gas processing site, and also a 300 MW power plant.