NNPC and TotalEnergies seal a $550m deal for Nigeria's Ubeta gas project, set to enhance gas production and boost LNG exports. Stakeholders anticipate economic growth and job creation.
The Nigerian National Petroleum Company (NNPC) Limited has reached a significant milestone with TotalEnergies by finalizing a memorandum of understanding (MoU) for the Ubeta Field Development Project. The agreement, signed in Abuja, outlines plans for the Ubeta project to produce 350 million standard cubic feet per day of gas and 10,000 barrels per day of associated liquids.
NNPC's Group CEO, Mele Kyari, emphasized the project's role in securing gas supply for Nigeria's LNG and highlighted upcoming projects facilitated by government policy. TotalEnergies' Senior VP for Africa, Mike Sangster, praised Ubeta's alignment with their low-cost, low-emission strategy and its potential to boost Nigeria's economy through increased NLNG exports.
Minister of State for Petroleum Resources, Heineken Lokpobiri, expressed optimism about restoring investor confidence in Nigeria's oil and gas sector, while Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, underscored the project's testament to the government's conducive investment policies.
The Ubeta project, located in OML58, is set to commence production in 2027, contributing significantly to Nigeria's gas sector with its sustainable development approach and technological advancements.
