The Nigerian National Petroleum Corporation (NNPC) and TotalEnergies JV have announced a $550 million Final Investment Decision (FID) on the Ubeta Field Development Project.
TheHintsNews reports that the Ubeta field discovered in 1964, North-West of Port Harcourt in the eastern part of the Niger Delta would, 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 Nigeria Liquefied Natural Gas (NLNG) Limited.
NNPC Chief Corporate Communications Officer, Olufemi Soneye in a statement issued Thursday said the milestone was in line with President Bola Tinubu’s Presidential Executive Order on Oil & Gas Reforms.
The Group Chief Executive Officer, NNPC Limited, Mallam Mele Kyari, while appreciating the support from stakeholders, highlighted the continuous support of the Tinubu’s administration in facilitating a conducive operational environment as a major enabler in achieving this success.
“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 & Production, TotalEnergies, Mike Sangster, said Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West.
He said: “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.”