Under a five year operational plan, the oil and gas exploration company is expected to begin production at 24 new oil wells in the area.
It is estimated that each well in the area will have a capacity to produce 400,000 barrels of oil, 9,600,000 total barrels for the project.
The company estimated the total price of the output from the area to about $1bn at today’s oil prices.
Kabe Exploration has joined hands with Fortune Oil and Gas for drilling and operations that would help the firm to lower its operational costs.
As a result of scarce supply and political instability, oil prices have soared almost 270% from $30/barrel in 2003 to over $111 in 2012.
