Buhari said the oil exploration at the Kolmani River located between Gombe and Bauchi states has already attracted over three million dollars foreign direct investment and will boost Nigeria’s fortunes and earnings.
The president expressed delight that several attempts to discover oil out the Niger Delta basin have become successful.
The NNPC had in 2019 announced the discovery of crude oil in the Kolmani River region at the border community between Bauchi and Gombe states.
Subsequently, Section 9 of the Petroleum Industry Act signed by the President established the Frontier Exploration Fund with the allocation of 30 percent of the profit from NNPC’s upstream oil and gas contracts for the purpose of oil exploration in Kolmani as well as Anambra, Dahomey, Bida, Chad and Benue Trough.
