THETALK.NG learnt that PMB will flag off first oil drilling in the northern part of the country.
On Tuesday, November 22, the flag off the validation phase of the first integrated Oil Development project in northern Nigeria will kickoff.
The Cable reports that the flag-off ceremony will take place at the Kolmani OPLs 809 and 810 exploration sites in a border community between Bauchi and Gombe states.
The president had earlier flagged off the spud-in ceremony of Kolmani River II Well in February 2019 and by October 2019, the Nigerian National Petroleum Company (NNPC) Limited announced the discovery of crude oil, gas and condensate in the Kolmani River region at the border community between Bauchi and Gombe states.
A commercial quanityu of the oil discovery in the region was first discovered after eight months of exploration on the Upper Benue Trough, Gongola Basin in the northeastern part of the country, according to NNPC.
Section 9 of the Petroleum Industry Act, signed by Buhari, allows the Frontier Exploration Fund (FEF) with a 30% share of profits oil and gas from NNPC’s upstream oil and gas contracts (Production Sharing, Profit Sharing and Risk Sharing Agreements). Founded for the purpose.
This fund is allocated for the development of the ‘borders’ that are part of these boundaries, including Anambra, Dahomey, Bida, Chad and the Benue Valley.
In his first seven months of 2022, NNPC spent about N3 billion on border reconnaissance services.