The Presidency has announced the kickoff of a $550 million upstream gas project between Nigerian National Petroleum Corporation Ltd. (NNPCL) and TotalEnergies for the development of the Ubeta field.
Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this at the inaugural US-Nigeria Strategic Energy Dialogue, hosted by the US State Department in Washington, DC.
Verheijen disclosed that the upstream gas project would produce 350 million standard cubic feet of gas per day once operational.
Ms. Verheijen informed the gathering that President Tinubu’s major energy reforms since June 2023 have been aimed at enhancing energy security, attracting investments, and strengthening collaboration with key partners, including the US government.
She further explained that, in support of the reform efforts, the President issued five new executive orders designed to offer fiscal incentives for investment and reduce the cost and time required to finalize and implement contracts for developing and expanding gas infrastructure.
The presidential aide also noted that these directives aim to immediately unlock up to $2.5 billion in new oil and gas investments in the country.
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