NNPC-TotalEnergies JV injects $550M into Nigeria’s oil, gas sector with Ubeta field development

The NNPC-TotalEnergies Joint Venture has greenlit a substantial $550 million investment for the Ubeta Field Development Project, marking a significant boost for Nigeria’s oil and gas sector.

Located in the eastern Niger Delta and discovered in 1964, the Ubeta field is poised to produce 350 million cubic feet per day of gas and 10,000 barrels per day of liquids, crucial for both Nigeria’s energy needs and its exports.

This decision comes amidst President Bola Tinubu’s reforms aimed at revitalizing the oil and gas industry, positioning Nigeria as a leading investment destination in Africa. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized the pivotal role of these reforms in attracting such substantial investments.

The Ubeta project promises not only to enhance energy security but also to stimulate economic growth, creating jobs and boosting local economies. Mike Sangster, TotalEnergies’ Senior Vice President, highlighted the project’s commitment to sustainability, integrating a 5 MW solar plant and electrified drilling rigs.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, praised the reforms for restoring investor confidence, crucial for transformative projects like Ubeta. Production is scheduled to commence in 2027, contributing significantly to Nigeria’s LNG exports and bolstering its position in the global energy market.

In essence, the NNPC-TotalEnergies JV’s investment in the Ubeta Field underscores Nigeria’s commitment to sustainable development, economic progress, and global energy leadership.