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Published On: Mon, Feb 4th, 2019

Buhari: We’re committed to revitalizing oil sector to improve economy

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From Ahmad Mohammed, Bauchi

President Muhammadu Buhari, has reiterated his administration’s determination to revitalize the oil sector in order to strengthen the economy of the country.
The President made this known during the flag off the Spud-in of Kolmani River 11 Well in Alkaleri Local Government Area of Bauch State.
Buhari said, he took the interest of oil exploration since he was the Federal Commissioner Natural resources in 1976, which was later suspended by the Obasanjo Administration.
He said the oil and gas sector remained critical in the implementation of the nation’s budget, hence the need for concerted efforts to expand the sector and directed NNPC to extend its oil exploration to all the basins in the country for Job creation and economic development.
The President said his administration will not relent in revitalizing the oil sector in order to strengthen the nation’s economy.
Buhari said that oil and gas sector remained critical in the implementation of the nation’s budget, hence the need for concerted efforts to expand the sector.
The President used the forum to commend Nigeria National Petroleum Corporation (NNPC) for its determination towards the actualization of the project.
Bauchi State Governor Mohammed Abdullahi Abubakar, expressed delight for the successes recorded so far at the exploration site.
Group Managing Director of the NNPC Dr, Maikanti Kahalla Baru, said the NNPC in collaboration with Chinise company have discovered the oil and gas in commercial quantity in the area, hence the beginning of the exploration.
Baru commended President Muhammad Buhari for the support given to the execution of the project which according to him was due to his strong determination to boost the downstream sector
He said the Nigerian National Petroleum Corporation have resolve towards increasing the nation’s Oil Reserves to 40 billion barrels of crude oil and production to 3 million barrels per day by the year 2025.
Baru explained that the project is part of NNPC’s efforts to achieve its target with the attendant benefits to the Nigerian economy.
He recalled that the spud-in of Kolmani River-II Well had commenced in the 1990s when oil exploration in Gongola Basin Upper Benue Trough by the International Oil Companies led to the finding of 146ft of hydrocarbon sand in Kolmani River-II Well prospect estimated to contain about 33BCF of gas.
Baru said, the Kolmani River-II Well will be drilled by Ikenga Rig 101 of a reputable Oil Services Consortium, Messrs Etihad Oilfield Services/Drillog Petrodynamics limited under a Turkey Contract Agreement.
He said sequel to President Buhari’s directive on reserves, the Nigerian National Petroleum Corporation had prioritized exploration efforts in the frontier basins in an effort to increase the national oil and gas reserves base and production.
Baru said that the corporation has constructed a 14.2km access road to the drilling area and a total of 27 potable water boreholes, were established for the benefit of the host communities of the project as part of its Corporate Social Responsibility.
The NNPC Group Managing Director, however, said the Corporate Social Responsibility of the corporation is hinged on improving public Health centers, supporting education and developing economies in all its areas of operation.

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