The $550 million Ubeta upstream gas project, a joint venture between NNPC Ltd and TotalEnergies, was officially launched this week.
Announced by Special Adviser to the Nigerian President on Energy, Olu Verheijen, the project follows a Final Investment Decision signed in June 2023, focused on the development of the Ubeta field, located northwest of Port Harcourt. Once operational, the field is expected to produce 350 million standard cubic feet of gas per day.
Verheijen emphasized that major energy reforms introduced by President Bola Ahmed Tinubu since June 2023 aim to enhance energy security, attract investments, and deepen cooperation with key partners, including the U.S. government. These reforms include measures to improve cash flows in electricity distribution through smart metering and the settlement of outstanding investor debts.
President Tinubu issued five new executive orders to offer fiscal incentives for investment and streamline the time and cost required to finalize contracts for gas infrastructure projects. These actions are expected to unlock up to $2.5 billion in new oil and gas investments.
