Sources: NNPC, TotalEnergies to finalise $550m investment on Ubeta project this week

The Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies are set to announce the final investment decision (FID) on the Ubeta Field Development Project, TheCable understands.

Sources in the know said this is a significant move to improve Nigeria’s domestic gas supply and economic development.

Leveraging the provisions of the Petroleum Industry Act (PIA) 2021, the decade of gas initiatives, and the executive orders issued in March 2024, the source said TotalEnergies is dedicated “to investing in the Ubeta Field Development Project to unlock 350 million standard cubic feet per day (MMSCF/D)”.

The NNPC-TotalEnergies joint venture plans to announce a $550 million final investment decision (FID) on the Ubeta project on June 21. 

Once operational, sources said the Ubeta project will produce 10,000 barrels per day (bpd) of associated liquids.

The project is expected to tap into the vast gas reserves and contribute to securing the gas supply for Nigeria LNG.

“The Ubeta FID underscores the efforts invested by NNPC Limited, with unwavering executive support, to address the challenges that have hindered the attractiveness of the Nigerian oil and gas industry to foreign investors in recent years,” the source said.

The Ubeta FID is also said to highlight President Bola Tinubu’s commitment to fostering a favourable environment for foreign and local investments in Nigeria’s oil and gas sector.