*President Muhammadu Buhari at the launch of the Tuesday oil exploration at Kolmani River, first of its kind in Northern Nigeria, discloses the project has already attracted over $3million Foreign Direct investment to the country

Alexander Davis | ConsumerConnect

President Muhammadu Buhari Tuesday, November 22, 2022, launched the Kolmani Integrated Development Project in North-East Nigeria.

ConsumerConnect reports President Buhari disclosed  the oil exploration at the Kolmani River, first of its kind in the Northern Nigeria, and located between Gombe and Bauchi states had already attracted over $3million Foreign Direct investment (FDI).

Kolmani River Oil Field in North-East Nigeria

He stated the oil exploration project would boost Nigeria’s fortunes and earnings.

In increasing the availability of petroleum products for energy consumers, the project is expected to start with  production of about 50,000 barrels of crude oil per day (bpd).

At Tuesday’s activation of the Kolmani Integrated Development Project were Dr. Ahmad Lawan, Senate President; Asiwaju Bola Ahmed Tinubu,vex Lagos State Governor and Presidential Candidate of the All Progressives Congress; H.E. Chief Timipre Slyva, Honourable Minister of State for Petroleum Resources; and Malam Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited. Governors Bala Mohammed (Bauchi), Inuwa Yahaya (Gombe), Simon Lalong (Plateau), as well as the Group Managing Director of the New Nigeria Development Company, Shehu Mai-Borno, also graced the historic occasion.

Recall the NNPC, in 2019, had announced the discovery of crude oil in the Kolmani River region in the border community between Bauchi and Gombe states, North-Eastern region of the country.

Subsequently, Section 9 of the Petroleum Industry Act (PIA) signed by the President established the Frontier Exploration Fund (FEF) with the allocation of 30 percent of the profit from NNPC’s upstream oil and gas contracts for the purpose of oil exploration in Kolmani as well as Anambra, Dahomey, Bida, Chad & Benue Trough in the country.