The Presidency announced on Tuesday that the $550 million upstream gas project between NNPC Limited and TotalEnergies for the development of the Ubeta field has officially commenced.
Special Adviser to the President on Energy, Olu Verheijen, disclosed the development during the inaugural US-Nigeria Strategic Energy Dialogue in Washington, DC, hosted by the U.S. State Department.
A statement from NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, highlighted that the Final Investment Decision (FID) for the Ubeta Field Development Project was signed in Abuja in June.
The Ubeta field, discovered in 1964, is located northwest of Port Harcourt, Rivers State, and is projected to deliver 350 million standard cubic feet of gas per day upon completion.
Speaking at a luncheon during the dialogue, Verheijen emphasized the energy reforms President Bola Ahmed Tinubu introduced in June 2023, focusing on energy security, investment attraction, and enhanced collaboration with key international partners like the United States.
She noted that these reforms have improved the viability of the gas-to-power value chain and included initiatives like smart metering and addressing investor debts to improve cash flow in the electricity distribution sector.
Verheijen further stated that President Tinubu issued five executive orders to support these reforms, providing fiscal incentives for investments and streamlining contract processes to expand gas infrastructure. These measures aim to unlock up to $2.5 billion in new oil and gas investments.
U.S. Assistant Secretary for the Bureau of Energy Resources, Geoffrey Pyatt, lauded the timing of the dialogue, highlighting its importance in fostering energy collaboration between the U.S. and Nigeria. The dialogue aims to advance shared goals in energy security, decarbonization, and economic growth.
Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation, which included officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Content Development and Monitoring Board.
The U.S. delegation featured representatives from various agencies, including USAID, the U.S. Department of Energy, and the U.S. Trade and Development Agency.
