A One Stop Online Read Magazine in Nigeria

Oil discoveries in Anambra, Benue attract 3 billion dollars investments, says Buhari

0

Oil discoveries in Anambra, Benue attract 3 billion dollars investments, says Buhari

President Muhammadu Buhari’s charge to NNPC to expand its oil and gas exploration is yielding great results with oil discoveries in the Anambra basin and lower Benue trough.

The President stated this on Tuesday at the flag-off of oil drilling at the Kolmani field between Gombe and Bauchi states, adding that more oil discoveries were happening across other places in the country.

“This discovery had emanated from our charge to the NNPC to re-strategise and expands its oil and gas exploration footprints to the frontier basins of Anambra, Dahomey, Sokoto, Benue trough, Chad and Bida Basins. Similar activities across the other basins are currently actively ongoing.”

Buhari said the project had attracted over $3 billion in investments.

Read Also: FG seeks sustained exploration of seabed in Africa

He said: “We are pleased with the discovery of over 1 billion barrels of oil reserves and 500 billion Cubic Feet of Gas within the Kolmani area and the massive potential for more deposits as we intensify exploration efforts.

“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 USD 3 billion to this project,” he stated.

Buhari said that utilizing the Komani field: “As a fully integrated in-situ development project comprising upstream production, oil refining, power generation and fertiliser, the project promises many benefits for the nation. This includes but is not limited to Energy Security, Financial Security, Food security as well as overall socio-economic development for the country.”

He also said the Governors of Bauchi and Gombe States had given assurances of their unwavering commitment and willingness to ensure support and cooperation in these localities as this activity affects the local populations.

Oil discoveries in Anambra, Benue attract 3 billion dollars investments, says Buhari

Leave A Reply

Your email address will not be published.

six + one =