The $550 million upstream gas project involving TotalEnergies and NNPC Ltd for the Ubeta field’s development has begun to move forward.
The presidency declared on Tuesday.

At the first US-Nigeria Strategic Energy Dialogue, which was organized by the US State Department in Washington, DC, Special Advisor to the President on Energy Olu Verheijen revealed this.
Held in June in Abuja, the Ubeta Field Development Project Final Investment Decision (FID) worth 550 million USD was signed this year. Situated northwest of Port Harcourt in Rivers State is the Ubeta field, which was discovered in 1964.

During the first-ever US-Nigeria Strategic Energy Dialogue, Verheijen stated during a luncheon that the upstream gas project will
supply 350 million standard cubic feet of gas daily when it is in operation.

Verheijen continued by saying that President Bola Ahmed Tinubu’s significant energy reforms, which have been in place since June 2023, have improved energy security.
drawing funding and strengthening ties with important allies, such as the US government.

She said that the country’s gas-to-power value chain was now more viable as a result of the major reforms.

According to her, the reforms included programs to enhance cash flows in the distribution of electricity by means of smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas production.

She continued by saying that in order to further the reform initiatives, the President has signed five new executive orders that will lower costs and shorten the time required to negotiate and execute contracts for the development and expansion of gas infrastructure as well as offer tax incentives for investment.

According to the presidential aide, the directives are intended to open the door for up to $2.5 billion in fresh gas and oil investments in the nation right away.

In response, U.S. Assistant Secretary Geoffrey Pyatt of the State Department’s Bureau of Energy Resources stated that the conversation was appropriate and tactical.

“Enhanced energy cooperation between the United States and Nigeria has been facilitated by the first U.S.-Nigeria Strategic Energy Dialogue. We are achieving our common goals of decarbonization, economic growth, and energy security together,” he stated.

Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), led the Nigerian delegation to the function. Ministries of Power officials,
Additionally present were NNPC Limited, Nigerian Content Development and Monitoring Board, Nigerian Midstream and Downstream Petroleum Regulatory Authority, and Nigerian Upstream Petroleum Regulatory Commission.
presence.
Among the members of the US delegation were officials from the US Department of Energy, USAID, the US Department of Trade and
Development Agency and the Bank of International Trade.