Speaking at the groundbreaking ceremony for the project in the northeastern Bauchi state, Buhari said Nigeria’s Kolmani Oil Prospecting Lease (OPL) 809 and 810, located along the border of Bauchi and Gombe has become the first oil drilling fields in north-eastern Nigeria after commercial quantity crude was discovered in that part of the country two years ago.
More than 1 billion barrels of oil reserves and 500 billion cubic feet (14.2 billion cubic meters) of gas have been discovered in the fields, it said.
Having attracted an investment of more than 3 billion US dollars, the project will be developed by the Nigerian National Petroleum Company Limited and two local partners, Buhari said.
The oil and gas project is a fully integrated on-site development project comprising upstream production, oil refining, power generation and fertilizers, among others.
Buhari described the new oil fields as “another vital pillar in the country’s economic architecture”, hailing the huge benefits the project is expected to bring to the country, including energy security, financial security and overall socio-economic development.
“This is really significant, considering that efforts to find commercial oil and gas outside the established Niger Delta basin have been attempted for many years without the desired results,” he added. ■