Speaking at the project's flag-off ceremony, Buhari said that the Nigerian Kolmani Oil Prospecting Lease (OPL) 809 and 810, located along the border of the Bauchi and Gombe states, has become the first oil drilling fields in northeastern Nigeria after crude was discovered in commercial quantity in that part of the country two years ago.
Over 1 billion barrels of oil reserves and 500 billion cubic feet of gas were discovered in the fields, he said.
Having attracted an investment of over US$3 billion, the project would be developed by Nigerian National Petroleum Company Limited and two local partners.
THE Central Bank of Nigeria’s (@cenbank) redesigning of select currency notes of N200, N500 and N1,000 would come at a huge deficit cost to the economy, according to sector experts.
The oil and gas project is a fully integrated in situ development project comprising upstream production, oil refining, power generation, and fertilizer, 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, as well as overall socio-economic development.
"This is indeed significant, considering that efforts to find commercial oil and gas outside the established Niger Delta Basin were attempted for many years without the desired outcomes," he added.