The Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies are set to finalize the final investment decision (FID) for the Ubeta Field Development Project on June 21.
According to TheCable, a source familiar with the situation indicated that this decision is crucial for enhancing Nigeria’s domestic gas supply and economic growth. Leveraging the Petroleum Industry Act (PIA) 2021, the decade of gas initiatives, and executive orders from March 2024, TotalEnergies plans to invest in the Ubeta Field Development Project to unlock 350 million standard cubic feet per day (MMSCF/D).
The NNPC-TotalEnergies joint venture is expected to announce a $550 million FID for the Ubeta project on June 21. Once operational, the project will yield 10,000 barrels per day (bpd) of associated liquids and tap into extensive gas reserves, bolstering the gas supply for Nigeria LNG.
“The Ubeta FID underscores the efforts of NNPC Limited, with strong executive support, to address challenges that have deterred foreign investors from the Nigerian oil and gas industry in recent years,” the source stated. The source added that the Ubeta FID also reflects President Bola Tinubu’s commitment to the sector.
Credit: Businessday NG (Text Excluding Headline)
