The $550 million upstream gas development project between NNPC Ltd. and TotalEnergies for the Ubeta field has officially commenced, according to the Presidency. The announcement was made by the Special Adviser to the President on Energy, Olu Verheijen, during the inaugural US-Nigeria Strategic Energy Dialogue in Washington, DC.
The Final Investment Decision (FID) on the Ubeta Field Development Project, located northwest of Port Harcourt in Rivers State, was signed in Abuja in June 2024, as disclosed by NNPC Ltd’s Chief Corporate Communications Officer, Olufemi Soneye. Discovered in 1964, the Ubeta field is projected to deliver 350 million standard cubic feet of gas per day once fully operational.
Speaking at the energy dialogue luncheon, Verheijen highlighted the major energy reforms introduced by President Bola Ahmed Tinubu since June 2023. These reforms focus on boosting energy security, attracting investments, and enhancing partnerships with key players, including the U.S. government.
Verheijen noted that the reforms had improved the gas-to-power value chain and included measures such as smart metering, paying off debts to investors, and reducing carbon emissions from gas production. Additionally, five new executive orders were issued to provide fiscal incentives and expedite the development of gas infrastructure, aiming to unlock $2.5 billion in new oil and gas investments.
U.S. Assistant Secretary of the Bureau of Energy Resources, Geoffrey Pyatt, commended the strategic dialogue, stating it laid the foundation for stronger energy cooperation between the two nations, advancing shared goals in energy security, decarbonization, and economic growth.
The event saw participation from Nigerian officials led by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, alongside representatives from the U.S. government, USAID, and various energy agencies.
