President Muhammadu Buhari has arrived Bauchi for the formal inauguration of the Kolmani oil field located at a border community between Bauchi and Gombe States.
The presidential jet landed at the Sir Abubakar Tafawa Balewa International Airport, Bauchi, at about 10:50 a.m.
Buhari accompanied by Boss Mustapha, Secretary to the Government of the Federation (SGF) was received by governors Bala Mohammed, Babagana Zulum and Simon Lalong of Bauchi, Borno and Plateau, respectively.
The President after inspecting guards of honour by personnel of the Nigerian Army boarded a chopper to the project site.
Buhari is expected to perform the official ground-breaking ceremony of the Oil Prospecting Lease (OPLs) 809 and 810 at the Kolmani River II Well.
The Nigerian National Petroleum Company (NNPC) Limited, in October 2019, announced the discovery of crude oil, gas and condensate in the Kolmani River.
The commercial quantity discovery was the first in the region after several oil explorations on the Upper Benue Trough.
The oil field would be developed by Sterling Global Oil, New Nigeria Development Commission (NNDC), and the NNPC Ltd.
Reports said the Kolmani fields holds over a billion crude oil reserve, which could significantly raise Nigeria’s oil reserve that has not grown in 10 years.
The oil discovery in the north is coming at a time when crude oil production in the south has dropped to about 1.2 million barrels per day mainly due to oil theft and vandalism.
Oil production in the north could be a backup to shore up revenue for Nigeria as it witnesses huge budget deficit so far, experts say.