The Nigerian government has stated that by 2025, it hopes to increase the nation’s oil reserves from their current level of 37 billion barrels to 40 billion barrels.
At the official groundbreaking of the Oil Prospecting Licenses (OPLs) 809 and 810 at the Kolmani River II well, which is situated at a border community between the states of Bauchi and Gombe, Nigeria’s Minister of Petroleum Resources, Timipre Silva, stated as much on Tuesday.
By 2025, the ministry must increase oil reserves from their present level of 37 billion barrels to 40 billion barrels, according to Silva.
President Muhammadu Buhari officially launched the Kolmani Integrated Development Project in the presence of several senior government figures, including governors, cabinet members, business leaders, and representatives of the Nigerian National Petroleum Company Ltd. (NNPCL).
He expressed his excitement, saying he was especially pleased with the collaboration between NNPCL, Sterling Global Oil, and New Nigeria Development Commission (NNDC) on the drilling effort.
“This is a testimony of the fact that the hydrocarbons sector still holds promise of returns on investment, highlighting the role that this resource will continue to play in the global energy mix,” Sylva said.
“In spite of the enormity of challenges that NNPC was confronted with, the day has come when we can collectively witness and celebrate drilling for hydrocarbons in the North of our dear country.
“The commencement of drilling of Kolmani fields which could hold as much as one billion barrels crude oil reserve, will significantly contribute in boosting our oil reserves and ensuring our continuous energy sufficiency,” he said.
He declared that the ministry was dedicated to identifying and advancing strategies for eradicating energy poverty, fostering shared prosperity, and establishing sustainable development.
The Petroleum Industry Act (PIA), according to Sylva, provided the regulatory framework and support necessary to carry out this mandate by creating the Frontier Exploration Fund, which the NNPC could use to deploy top-tier cutting-edge technology to reduce the risk associated with exploration in frontier basins.
He expressed gratitude to the President for reiterating his support for the unrestricted expansion of the petroleum sector.