June saw the signing ceremony for the $550 million Ubeta Field Development Project Final Investment Decision (FID) in Abuja.

The Presidency declared on Tuesday that the $550 million upstream gas project between NNPC Ltd. and TotalEnergies on the development of the Ubeta field has begun.

This was revealed by Olu Verheijen, Special Advisor to the President on Energy, at the first US-Nigeria Strategic Energy Dialogue, which was held in Washington, DC, on Tuesday, according to a release from Olufemi Soneye, Chief Corporate Communications Officer of NNPC.

June saw the signing ceremony for the $550 million Ubeta Field Development Project Final Investment Decision (FID) in Abuja.

The 1964 discovery of the Ubeta field is situated northwest of Port Harcourt in Rivers State.

over the first-ever US-Nigeria Strategic Energy Dialogue, Verheijen stated over a luncheon that the upstream gas project would produce 350 million standard cubic feet of gas daily once it was operational.

According to Verheijen, President Bola Tinubu has been implementing significant energy reforms since June 2023. These measures are aimed at enhancing energy security, drawing in investments, and strengthening ties with important allies like the US government.

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

She stated that among the measures were efforts to lower carbon emissions from gas production, pay off outstanding investor debt, and enhance cash flows in the distribution of power through smart metering.

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

According to the presidential aide, the directions 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, Geoffrey Pyatt, the U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, stated that the conversation was appropriate and calculated.

“The first-ever Strategic Energy Dialogue between the United States and Nigeria has paved the way for deeper energy cooperation between the two countries. We’re working together to achieve our common goals of decarbonisation, economic growth, and energy security,” he stated.

The Nigerian delegation was headed to the event by Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas). Additionally present were representatives from the Nigerian Content Development and Monitoring Board, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Ministry of Power, and NNPC Limited.

Representatives from the U.S. Department of Energy, USAID, the Bureau of African Affairs, the U.S. Trade and Development Agency, and the Export-Import Bank were among the delegation from the United States.