By Adedayo Osho
A joint venture tagged the Ubeta upstream gas project was launched this week between the Nigerian National Petroleum Corporation (NNPC Ltd) and Total Energies.
The $550 million project was announced by Olu Verheijen, the Special Adviser to the Nigerian President on Energy. Preceding its launch, Final Investment Decision (FID) on the project was signed in June 2023, with focus on developing the Ubeta field, located northwest of Port Harcourt in the Niger Delta part of the country.
Once operational, analyst forecast the field is expected to produce 350 million standard cubic feet of gas per day.
Verheijen disclosed that vital energy reforms introduced by President Bola Tinubu since coming into power in 2023 aim to enhance energy security, attract investments and deepen cooperation with major players, including notable developed countries. These reforms also include measures to improve cash flows in electricity distribution through smart metering and settlement of outstanding investor debts.
President Tinubu issued five new executive orders to offer fiscal incentives for investments, as well as streamline the time and cost required to finalize contracts for gas infrastructure projects.
These actions are expected to unlock up to $2.5 billion in new oil and gas investments.
