The long awaited dream of oil and gas exploration in the northern part of Nigeria became a reality, as President Muhammadu Buhari flagged off the spud-in of Kolmani River-II Well in Gongola Basin of Upper Benue Trough.
Performing the flag off ceremony, Buhari said that in spite of the diversification of the nation’s economy by his administration as well as the dwindling oil price at the international market, the commodity was still essential to the country’s economic .survival.
“Oil and gas remains critical to the Nigerian economy of today and the future. It remains key to the successful implementation of our budget at all levels of Government”, he said.
“The golden era of high oil prices may not be here now but oil and gas resources remain the most immediate and practical keys to our aggressive efforts at diversifying the economy. “As important as it is to ensure that other critical sectors of the economy are supported to grow and contribute more to the Nation’s economy, we still need a virile oil and gas Industry to take care of the challenges of the moment and to invest for the future.”
He also expressed the readiness of the NNPC to resume oil exploration in the Chad basin as soon as the military gave the go-ahead in view of the insurgency activities in the area. Baru, however, appealed for patience, noting that oil exploration anywhere in the world required a lot of time.
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