The President, Major General Muhammadu Buhari (retd.), on Tuesday, 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 Licence 809 and 810, lies in the Gongola Basin of the Upper Benue Trough, straddling the two Northern states of the country.
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 over 38 billion barrels.
In his address at the event, Buhari said the facility attracted $3bn worth of investments despite the lack of appetite in the oil sector.
The president 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.”
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Photo Credit: Getty