JUST IN: NNPC, TotalEnergies sign $550m investment deal on Ubeta project

The Nigerian National Petroleum Company Limited has signed a memorandum of understanding with TotalEnergies for the final investment decision on the Ubeta Field Development Project.Speaking at the event, Mele Kyari, group chief executive officer of NNPC, said on stream, the Ubeta project will produce about 350 million standard cubic feet per day of gas and 10,000 barrels per day of associated liquids.

“No doubt, this project will create opportunities, jobs, and everything that you can imagine, including making our energy investment much more productive.“I know for sure that the engagements with our other partners will ensure delivery of gas sufficient to keep our train 1 to 7 active and at full capacity, and also realise our ambitions for train 7.”

In his remarks, Mike Sangster, senior vice president Africa, exploration and production, TotalEnergies, said he is pleased that the firm can launch the gas project which has been made possible by the government’s recent incentives for non-associated gas developments.“Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West,” Sangster said.

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