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$550m investment in Ubeta project set to boost Nigeria’s domestic gas supply

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This 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.

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The new administration led by President Bola Ahmed Tinubu and the office of the Special Adviser on Energy Olu Verheijen, who coordinated across multiple agencies and ministries, has been proactive in its efforts to address issues in the sector with the aim of making Nigeria competitive and attractive to accelerate investments.

With this announcement, the administration’s intent to strengthen the PIA with new directives is boosting Nigeria’s attractiveness to investments in the oil and gas industry. The TEPNG JV appears to be the first step to improve Nigeria’s gas supply capability, including domestic gas, and economic development by extension.PREMIUM TIMES delivers fact-based journalism for Nigerians, by Nigerians — and our community of supporters, the readers who donate, make our work possible.

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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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Sources: NNPC, TotalEnergies to finalise $550m investment on Ubeta project this weekNNPC Limited and TotalEnergies are set to announce the final investment decision on the Ubeta Field Development Project, TheCable understands
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JUST IN: NNPC, TotalEnergies sign $550m investment deal on Ubeta projectThe Nigerian National Petroleum Company (NNPC) Limited has signed a memorandum of understanding (MoU) with TotalEnergies to final investment decision (FID) on the Ubeta Field Development Project.
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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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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
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