The Presidency has announced the launch of a major $550 million upstream gas project, a collaborative effort between the Nigerian National Petroleum Corporation Limited (NNPCL) and TotalEnergies.
This initiative focuses on the development of the Ubeta field and represents a significant investment in Nigeria’s energy sector.
Olu Verheijen, Special Adviser to the President on Energy, revealed the project details during the inaugural US-Nigeria Strategic Energy Dialogue hosted by the US State Department in Washington DC.
Addressing attendees at a luncheon organized for the dialogue, Verheijen outlined that the project is expected to deliver 350 million standard cubic feet of gas per day upon reaching full operational capacity.
A statement issued by Morenike Adewunmi, Stakeholder Manager in the Office of the Special Adviser to the President on Energy, confirmed the announcement and provided additional context.
Verheijen noted that this project aligns with broader energy reforms introduced by President Bola Tinubu since June 2023. These reforms aim to bolster energy security, attract investment, and enhance collaboration with international partners, particularly the United States.
The Special Adviser highlighted several key reforms that have been implemented to improve the gas-to-power value chain in Nigeria.
These include efforts to enhance cash flow in electricity distribution through the deployment of smart metering technologies and the settlement of outstanding debts to investors.
This new project marks a pivotal step in strengthening Nigeria’s energy infrastructure and underscores the country’s commitment to advancing its energy sector through strategic partnerships and reforms.