President Muhammadu Buhari on Friday flagged-off the official commencement of crude oil search in the Kolmani Well River-II, located near Barambu, Alkaleri Local Government Area of Bauchi State.
Buhari also declared that the Federal Government would intensify oil exploration efforts in all frontier basins including Chad Basin, Gongola Basin, Anambra Basin, Sokoto Basin, Dahomey Basin, Bida Basin and Benue Trough.
The President said the exploration for crude oil was part of his administration’s promise in terms of growing Nigeria’s economy, adding that the government had worked hard to fulfill its promises.
Buhari said, “When we came onboard in May 2015, we promised to focus on three cardinal areas of security, economy and the fight against corruption. We have worked hard to fulfill our promises and have succeeded in laying the foundation for a strong, virile and prosperous Nigeria through the Economic Recovery and Growth Plan.
“A key execution priority of the ERGP is ensuring national energy sufficiency and this cannot be achieved through hydrocarbon resources from the conventional basins alone. Therefore, exploration in our frontier basins is a national imperative and a core policy thrust that must be sustained.”
He added, “It is on this note that I directed the NNPC to aggressively intensify its exploration campaign in the inland basins to discover new hydrocarbon reserves that will boost oil and gas production and extend economic benefits to the people within the North-East and the nation at large.
“This is a landmark of the promise kept by this administration to the Nigerian people. Our next level is to ensure that exploration efforts in all our frontier basins, namely Chad Basin, Gongola Basin, Anambra Basin, Sokoto Basin, Dahomey Basin, Bida Basin and Benue Trough are intensified to usher in prospects for more prosperous Nigeria.”
Buhari told guests at the event that oil and gas resources remained critical to Nigeria’s economic diversification moves.