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$550 Million investment in Ubeta Field Development Project to boost Nigeria’s domestic gas supply

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Nigeria, a leading oil producing nation has struggled to attract the right investments to scale its oil and gas industry, despite having the largest gas reserve base in Africa.

This is a major economic challenge, especially as the petroleum sector account for about 90% of the nation’s forex earnings and significant contributor to government income though it only contributes about 8% to Nigeria’s GDP. In 2021, the federal government signed the Petroleum Industry Act into law, designed to revolutionise Nigeria's oil and gas sector and attract foreign direct investments.

The Nigerian National Petroleum Company Limited and Total Energies just announced the Final Investment Decision on the Ubeta project – a 350 million standard cubic feet of gas per day initiative. This final investment decision involves a commitment of $550 million to extract 900 billion cubic feet of non-associated natural gas from OML 58, situated approximately 85 kilometres from Port Harcourt in Nigeria’s Niger Delta Region.

 

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NNPCL-TotalEnergies announces $550m investment on Ubeta projectThe Nigeria National Petroleum Company Limited, NNPCL, and TotalEnergies Joint Venture have officially announced a $550 million Final Investment Decision (FID) on the Ubeta Field Development Project to boost Nigeria’s oil and gas production. The spokesperson of NNPCL, Olufemi Soneye, disclosed this in a statement on Thursday.
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