In a major step towards boosting Nigeria’s oil and gas production, the NNPCL and TotalEnergies JV have announced a $550 million Final Investment Decision (FID) on the Ubeta Field Development Project.
The NNPCL, in a statement issued by its spokesman, Olufemi Soneye, on Thursday, June 20, 2024, said the milestone was in line with President Bola Tinubu’s Presidential Executive Order on Oil and Gas Reforms aimed largely at improving the investment climate and positioning Nigeria as the preferred investment destination for the oil and gas sector in Africa.
The Ubeta field discovered in 1964, North-West of Port Harcourt in the eastern part of the Niger Delta will, once on stream, produce about 350MMScf/day of gas and 10,000 BBLS/day of associated liquids, tapping into the vast gas reserves and contributing towards securing gas supply to the Nigeria Liquefied Natural Gas (NLNG) Limited.
Speaking at the signing ceremony held at the NNPC Towers, the Group Chief Executive Officer of NNPCL, Mele Kyari, appreciated the support from stakeholders and highlighted the continuous support of Tinubu’s administration in facilitating a conducive operational environment as a major enabler in achieving this success.
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“We appreciate Mr. President for supporting us with the appropriate fiscal environment. The Presidential Executive Order is instrumental to us getting to this significant milestone and we are now seeing the impact of the policy,” Kyari said.
In his remarks, the Senior Vice President Africa, Exploration and Production of TotalEnergies, Mike Sangster, said: “Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West.
“I am pleased that we can launch this new gas project which has been made possible by the government’s recent incentives for non-associated gas developments. Ubeta fits perfectly with our strategy of developing low-cost and low-emission projects, and will contribute to the Nigerian economy through higher NLNG exports.”
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