BREAKING: President Tinubu Announces Kickoff of $550 Million Ubeta Gas Project in Rivers State
In a major boost to Nigeria’s energy sector, President Bola Tinubu has officially launched a $550 million upstream gas development project in Rivers State. The project, a collaboration between the Nigerian National Petroleum Corporation Ltd. (NNPCL) and TotalEnergies, will focus on developing the Ubeta gas field.
The announcement was made by President Tinubu’s Special Adviser on Energy, Olu Verheijen, during the inaugural US-Nigeria Strategic Energy Dialogue, hosted by the US State Department in Washington, DC. Verheijen highlighted that once operational, the Ubeta project is expected to produce 350 million standard cubic feet of gas per day, further enhancing Nigeria’s energy security and supply.
Verheijen emphasized that President Tinubu’s administration has been pursuing significant energy reforms since June 2023, with the aim of attracting investment and boosting collaboration with key global partners, including the United States. These reforms include the issuance of five executive orders designed to streamline the process of gas infrastructure development by offering fiscal incentives, reducing contract finalization times, and cutting associated costs.
These reforms, according to Verheijen, are expected to unlock up to $2.5 billion in new oil and gas investments in the country, positioning Nigeria as a key player in the global energy market. The Ubeta project represents a significant milestone in these efforts and is anticipated to play a crucial role in meeting Nigeria’s domestic and export gas demands.
This development comes as part of the government’s broader strategy to diversify its energy sources, improve economic resilience, and foster partnerships that will spur long-term growth in Nigeria’s oil and gas sector.
