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Sunday, July 14, 2024
HomeOil and GasFG targets 40bn barrels of oil in 2025

FG targets 40bn barrels of oil in 2025

Nigeria targets to grow oil reserves from the current 37 billion barrels to 40 billion barrels by 2025, says Minister of Petroleum Resources, Timipre Sylva.

Chief Sylva made the projection on Tuesday at the official ground-breaking of the Oil Prospecting Licenses (OPLs) 809 and 810 at the Kolmani River II well, located at a border community between Bauchi and Gombe states.

The Kolmani Integrated Development Project was inaugurated by President Muhammadu Buhari with some top government officials, captains of industry and Nigerian National Petroleum Company Ltd. (NNPCL) officials, among others in attendance.

“The commencement of drilling of Kolmani fields, which could hold as much as 1 billion barrels crude oil reserve, will significantly contribute in boosting our oil reserves and ensuring our continuous energy sufficiency,” he said.

Group Chief Executive Officer, NNPCL, Mele Kyari, said the discovery of commercial oil and gas deposit at Kolmani oil field in 2019 was further appraised and validated by Kolmani team.

President Muhammadu Buhari on Tuesday commissioned the Kolmani Integrated Development Project (KIPRO) of Oil Prospecting Licenses (OPLS) 809 and 810 at the Kolmani Field Site that straddles Bauchi and Gombe states.

It is expected that the first project will entail an Oil refinery of up to 120,000 barrels per day, Gas processing plant of up to 500 Million Standard Cubic per day, a Power Plant of up to 300 Megawatt Capacity and a Fertilizer plant of 2,500 tons per day.

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