Nigeria and TotalEnergies Close to $550 Million Ubeta Deal, Sources Say

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The Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies are nearing the final investment decision (FID) for the Ubeta Field Development Project, set to be confirmed on June 21, according to sources familiar with the matter as reported by Reuters.

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The Ubeta project, expected to cost $550 million, aims to enhance Nigeria’s domestic gas supply and contribute significantly to economic growth. Under the provisions of the Petroleum Industry Act (PIA) 2021 and leveraging the decade of gas initiatives, TotalEnergies is committed to investing in the project, which targets unlocking 350 million standard cubic feet per day (MMSCF/D).

Upon completion, the Ubeta project is projected to yield 10,000 barrels per day (bpd) of associated liquids and tap into extensive gas reserves, supporting Nigeria LNG’s gas supply security.

“The imminent FID for Ubeta underscores NNPC Limited’s efforts, with strong executive support, to address challenges that have impacted the attractiveness of Nigeria’s oil and gas industry to foreign investors,” the sources stated.

The Ubeta FID also highlights President Bola Tinubu’s commitment to fostering sustainable growth and investment in Nigeria’s energy sector.

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