President Muhammadu Buhari says the Kolmani Integrated Development Project has attracted investments worth over $3 billion.
The project, situated in the boundary of Bauchi and Gombe states, is the first crude oil drilling project in north-eastern Nigeria.
Speaking at the project’s groundbreaking ceremony on Tuesday, Buhari said it was to the credit of his government that at a time that financing of fossil fuel projects was drying up due to the energy transition drive, his administration was able to attract $3 billion to the sector.
NNPC’s Group Chief Executive Officer, Mele Kyari, also speaking at the ceremony, explained that following the directive from the president to the NNPC to re-strategise, the company deployed its resources until the discovery of oil and gas in Kolmani in 2019.
On his part, the Minister of State, Petroleum Resources, Timipre Sylva, in his remarks, said that one of the key mandates of the Ministry of Petroleum Resources was to grow reserves from the current 37 billion barrels of oil to 40 billion barrels of oil by 2025, despite the enormity of challenges that NNPC was confronted with.