$550m investment in Ubeta Field Development Project will boost Nigeria's domestic gas supply

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 accounts 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.

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.

The TEPNG Joint Venture investment aligns with the recent Presidential Directives which aims to boost Nigeria’s domestic gas supply and economic development. The directives are predicted to attract new investments and revive dormant projects with over $10 billion worth of projects over the next 18 months.

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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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