On Tuesday, President Muhammadu Buhari formally began the historic process of drilling for crude oil in Nigeria’s northeast while overseeing the first commercial oil extraction in the states of Bauchi and Gombe.
The president exclaimed to an ecstatic group of oil company officials and community leaders, “The successful discovery of the Kolmani oil and gas field has finally broken the jinx record by the confirmation of huge commercial deposits of hydrocarbons in Kolmani River fields.”
The Kolmani oil wells are anticipated to hold a reserve of one billion barrels of crude oil, a discovery that might bring in roughly $73 billion (£61 billion) for Nigeria over the course of ten years.
Nigeria’s crude oil reserves are estimated by officials to be 37 billion barrels. The nation anticipates seeing an increase in its oil and gas production thanks to the additional one billion barrels and the potential for some gas reserves from the Kolmani fields.
