Nigeria may be seeing the first major final investment decision in the oil and gas sector under President Bola Tinubu as President and Minister of Petroleum Resources as the Nigerian National Petroleum Company Limited and Total Energies yesterday sealed a pact for a $550 million Ubeta project.
The new gas project coming from Oil Mining Licence 58 is expected to see the Ubeta project developed with a new 6-well cluster connected to the existing Obite facilities through a 11 km buried pipeline.Gas from Ubeta would be supplied to NLNG train seven which is moving NLNG capacity from 22 to 30 Mtpa.
Lokpobiri noted that investors’ confidence is being restored in the oil and gas in the country, adding that Nigeria would see more investment flow into the sector. “This development will significantly contribute to the stability and growth of our gas industry, a sector that is pivotal for the economic diversification and sustainable development of our nation,” Ekpo said.