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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$550m investment in Ubeta Field Development Project will boost Nigeria's domestic gas supplyNigeria's independent online newspaper
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TotalEnergies, NNPCL approve FID for Ubeta gas fieldTotalEnergies and Nigerian National Petroleum Corporation Ltd (NNPCL), the operators of the OML 58 onshore license with 40 per cent and 60 per cent interest, respectively, have made the Final Investment Decision (FID) to develop the Ubeta Gas Field to supply the Nigeria Liquefied Natural Gas (NLNG) liquefaction plant.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
NNPC, TotalEnergies sign investment decision on Ubeta fieldThe milestone, according to NNPC Ltd, is in line with President Bola Tinubu’s presidential executive order on oil and gas reforms
Source: PremiumTimesng - 🏆 3. / 78 Read more »
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.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
$550m investment in Ubeta project set to boost Nigeria’s domestic gas supplyThis project signifies a major step in advancing energy security, a cornerstone of the federal government of Nigeria’s plans to achieve sustained economic development through improved local gas utilisation.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Ubeta gas project ’ll record Nigerian content successesTotalEnergies E&P is the operator of OML 58 onshore licence, with a 40 per cent stake in the US$550 million Ubeta Field Development Project, while the Nigerian National Petroleum Company Limited (NNPCL) has 49 per cent equity.
Source: PremiumTimesng - 🏆 3. / 78 Read more »