The $550 million upstream gas project between the NNPC Ltd and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday.
This is a direct outcome of major energy reforms introduced in Nigeria since June 2023 focusing on improving energy security, attracting investment and deepening collaboration with key partners like the United States government.
Special adviser to the President on Energy, Olu Verheijen stated this in remarks delivered at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, hosted by the US State Department, in Washington, DC.
Recall that the signing ceremony of the 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June this year. The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State.
Speaking at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.
