Sunrise News
Advertisement
Tuesday, July 1, 2025
  • About
  • Advertise
  • Contact
  • Breaking News
  • Business
  • Columnist
  • Entertainment
  • Opinion
  • Politics
  • World News
No Result
View All Result
  • About
  • Advertise
  • Contact
  • Breaking News
  • Business
  • Columnist
  • Entertainment
  • Opinion
  • Politics
  • World News
No Result
View All Result
Sunrise News
No Result
View All Result
Home Business

NNPC Ltd-TotalEnergies JV announces US$550m FID on Ubeta Field Dev’t Project

Sunrise by Sunrise
June 20, 2024
in Business
0
NNPC Ltd-TotalEnergies JV announces US$550m FID on Ubeta Field Dev’t Project
0
SHARES
37
VIEWS
Share on FacebookShare on Twitter
  • As Kyari Lauds FG’s Presidential Executive Order for Fostering Growth in Nigeria’s Oil, Gas Sector

In a major step towards boosting Nigeria’s oil and gas production, the NNPC-TotalEnergies JV has officially announced a 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project.

The milestone is in line with President Bola Ahmed Tinubu’s Presidential Executive Order on Oil & Gas Reforms aimed largely at improving the investment climate and positioning Nigeria as the preferred investment destination for the Oil & Gas sector in Africa.

Also Read
APC: Ganduje will be succeeded in acting capacity by National Vice Chairman – Bashir Ahmed

The Ubeta field discovered in 1964, North-West of Port Harcourt in the eastern part of the Niger Delta will, once on stream, produce about 350MMScf/day of gas and 10,000 BBLS/day of associated liquids, tapping into the vast gas reserves and contributing towards securing gas supply to the Nigeria Liquefied Natural Gas (NLNG) Limited.

At the well-attended signing ceremony held at the NNPC Towers, the Group Chief Executive Officer, NNPC Limited, Mallam Mele Kyari, while appreciating the support from stakeholders, highlighted the continuous support of President Bola Tinubu’s administration in facilitating a conducive operational environment as a major enabler in achieving this success.

Also Read
Nigerian troops kill 76 Boko Haram terrorists, Chad kills 48

“We appreciate Mr. President for supporting us with the appropriate fiscal environment. The Presidential Executive Order is instrumental to us getting to this significant milestone and we are now seeing the impact of the policy,” Kyari added.

In his remarks, the Senior Vice President Africa, Exploration & Production, TotalEnergies, Mike Sangster, said “Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West. I am pleased that we can launch this new gas project which has been made possible by the government’s recent incentives for non-associated gas developments. Ubeta fits perfectly with our strategy of developing low-cost and low-emission projects, and will contribute to the Nigerian economy through higher NLNG exports”.

Also Read
Liverpool’s Van Dijk faces fitness test ahead of Chelsea clash

Earlier in his remarks, the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri said President Bola Ahmed Tinubu has significantly rekindled investor confidence in the Oil and Gas Industry, assuring Nigerians that more investments are on the way.

Also speaking, the Minister of State for Petroleum Resources (Gas) , Rt. Hon. Ekperikpe Ekpo said the project is a testament to the effectiveness of Government’s policies aimed at creating a conducive environment for investment in the gas sector.

Also Read
Sarri will help Hazard reach his potential, insists Zola

Located in OML58, the Ubeta gas condensate field will be developed with a new 6-well cluster connected to the existing Obite facilities through an 11km buried pipeline. Production start-up is expected in 2027, with a plateau of 300 million cubic feet per day (about 70,000barrels of oil equivalent per day including condensates).

Gas from Ubeta will be supplied to NLNG, a liquefaction plant located in Bonny Island with an on-going capacity expansion from 22 to 30 Mtpa, in which NNPC Limited holds a 49% interest.
Ubeta is a low-emission and low-cost development, leveraging on OML58 existing gas processing facilities.

The carbon intensity of the project will be further reduced through a 5 MW solar plant currently under construction at the Obite site and the electrification of the drilling rig. TotalEnergies is working closely with NNPC Limited to enhance local content, with more than 90% of manhours which will be worked locally.

The Ubeta FID justifies the effort invested by NNPC Limited, with unyielding Executive support, into tackling the underlying reasons that have plagued the attractiveness of the Nigerian oil and gas industry to foreign investors in recent years.

The Ubeta project has a robust Nigerian Content plan and is poised to stimulate economic activities, create job opportunities, and create significant value for stakeholders.

Share this:

  • Click to share on X (Opens in new window)X
  • Click to share on Facebook (Opens in new window)Facebook
Tags: Gas CondensatesNNPC LimitedNNPCL- Total Energies JVCOML58Ubeta FID
Previous Post

BREAKING: Court Sets Aside Law Used in Dethroning Emir Bayero, Others

Next Post

NUJ 2024 delegates conference: Members threatens boycott over insecurity in S'East

Sunrise

Sunrise

Related Posts

CNG trucks: Dangote’s investment to save Nigerians N1.7trn
Business

CNG trucks: Dangote’s investment to save Nigerians N1.7trn

June 29, 2025
Nigerian Staff of popular Chinese phone company threaten strike, accuse bosses of maltreatment
Technology

Nigerian Staff of popular Chinese phone company threaten strike, accuse bosses of maltreatment

June 28, 2025
FirstBank wins Gold for Best Corporate University in Social & Climate Change Impact
Money Market

FirstBank wins Gold for Best Corporate University in Social & Climate Change Impact

June 27, 2025
Next Post
NUJ

NUJ 2024 delegates conference: Members threatens boycott over insecurity in S'East

PlusWorldPlusWorldPlusWorld

You might have missed this

  • Experts List Seven Benefits Of Breast Sucking To Women

    Experts List Seven Benefits Of Breast Sucking To Women

    0 shares
    Share 0 Tweet 0
  • Nigerian Staff of popular Chinese phone company threaten strike, accuse bosses of maltreatment

    0 shares
    Share 0 Tweet 0
  • Qudriyyah Movement of Lagos Celebrates Governor Sanwo-Olu at 60, Offers Prayers for Continued Wisdom and Prosperity

    0 shares
    Share 0 Tweet 0
  • Food Safety: NAFDAC, Ministry of Health partners NGO…gives five safer food keys

    0 shares
    Share 0 Tweet 0
  • NRC signs MOU with 4 Polytechnic, varsity on railway engineering training

    0 shares
    Share 0 Tweet 0
  • NSCDC Mining Team intercept trailer load of stolen railway material

    0 shares
    Share 0 Tweet 0
  • Beneficiaries of past misgovernance desperate to malign Tinubu led gov’t will fail—Dr. Adefuye

    0 shares
    Share 0 Tweet 0
  • Salome Adaidu: Court sentences gospel singer Timileyin to death by hanging

    0 shares
    Share 0 Tweet 0
  • Tinubu has failed, can’t solve problems Buhari caused – PDP

    0 shares
    Share 0 Tweet 0
  • NIMC trains corps members for nationwide NIN ward enrolment

    0 shares
    Share 0 Tweet 0

Recent News

Saint Lucia confers highest National Honour on Tinubu

Saint Lucia confers highest National Honour on Tinubu

July 1, 2025

Stop damaging PDP’s image, Damagum warns party members

July 1, 2025
UK-based Nigerian caregiver jailed for abusing 88-year-old dementia patient

UK-based Nigerian caregiver jailed for abusing 88-year-old dementia patient

July 1, 2025
NRC signs MOU with 4 Polytechnic, varsity on railway engineering training

NRC signs MOU with 4 Polytechnic, varsity on railway engineering training

July 1, 2025
Sunrise News

© 2025 Sunrise NG

Navigate Site

  • About
  • Advertise
  • Contact
  • Breaking News
  • Business
  • Columnist
  • Entertainment
  • Opinion
  • Politics
  • World News

Follow Us

No Result
View All Result
  • Breaking News
  • Business
  • Entertainment
  • Columnist
  • Featured
  • Health
  • Politics
  • Sports
  • Trending News
  • World News
  • Yoruba News
  • More

© 2025 Sunrise NG

WhatsApp Sunrise News