By Emmanuella Anokam
The NNPC Ltd.-TotalEnergies Joint Venture (JV) has announced a 550 million dollars Final Investment Decision (FID) on the Ubeta Field Development Project.
This was announced on Thursday at the signing ceremony held at the Nigerian National Petroleum Company Limited (NNPC Ltd.) Towers, Abuja.
The milestone is in line with President Bola Tinubu’s Presidential Executive Order on Oil and Gas Reforms, aimed at improving the investment climate and positioning Nigeria as the preferred investment destination for the Oil and Gas sector in Africa.
The Ubeta field was discovered in 1964, in the North-West of Port Harcourt in the eastern part of the Niger Delta.
Once on stream, it will produce about 350 million standard cubic feet per day (MMScf/day) of gas and 10,000 BBLS/day of associated liquids.
It will tap into the vast gas reserves and contribute towards securing gas supply to the Nigeria Liquefied Natural Gas (NLNG).
Malam Mele Kyari, Group Chief Executive…
Source: News Agency of Nigeria
