The Ubeta gas field, located northwest of Port Harcourt, was first discovered in 1964
Abuja, Nigeria – The Nigerian government has officially announced the commencement of a $550 million upstream gas development project in partnership with NNPC Ltd. and TotalEnergies for the Ubeta gas field.
This was disclosed by the Special Adviser to the President on Energy, Olu Verheijen, during the inaugural US-Nigeria Strategic Energy Dialogue held in Washington, D.C.
Signing Ceremony and Energy Reforms
According to Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., the Final Investment Decision (FID) for the project was signed in Abuja in June 2023.
The Ubeta gas field, located northwest of Port Harcourt, was first discovered in 1964. The project, once operational, is expected to produce 350 million standard cubic feet of gas per day.
Speaking at a luncheon as part of the US-Nigeria Strategic Energy Dialogue, Verheijen highlighted that energy reforms introduced by President Bola Ahmed Tinubu since June 2023 have focused on improving energy security, attracting investments, and fostering international collaboration.
The reforms include initiatives aimed at improving cash flow within Nigeria’s electricity distribution network, encouraging smart metering, and reducing carbon emissions from gas production.
Additionally, President Tinubu has issued five new executive orders providing fiscal incentives for energy investment and expediting the development of gas infrastructure. These reforms are expected to unlock up to $2.5 billion in new investments for Nigeria’s oil and gas sector.
US-Nigeria Energy Dialogue
Geoffrey Pyatt, U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, praised the dialogue as timely and strategic, emphasizing the shared goals of energy security, decarbonization, and economic growth between the two nations.
Nigeria’s delegation to the event was led by Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, and included officials from several key agencies, including the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and NNPC Limited.
The U.S. delegation featured representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.
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