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| Photo shows: Special Adviser to the President on Energy, Olu Verheijen (5th from left); Minister of State for Petroleum Resources (Gas), Hon Ekperikpe Ekpo (5th from right) in a group photograph with members of the U.S.– Nigeria Energy Security Dialogue held in Washington, DC. On Tuesday, September 17, 2024. |
The $550 million Ubeta Upstream Gas Project, a collaboration between NNPC Ltd and TotalEnergies, has officially commenced, as announced by the Presidency on September 17, 2024.
Olu Verheijen, Special Adviser to the President on Energy, revealed the project's launch during the inaugural US-Nigeria Strategic Energy Dialogue in Washington, DC.
This initiative aims to develop the Ubeta field, which is expected to produce 350 million standard cubic feet of gas per day once operational.
According to a press release signed by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, the signing ceremony of the 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project took place in Abuja in June, this year.
The Ubeta field, which was discovered in 1964, is located northwest of Port Harcourt, Rivers State, the press statement also added.
Speaking at a luncheon organised as part of the inaugural US-Nigeria Strategic Energy Dialogue, Verheijen said the upstream gas project would deliver 350 million standard cubic feet of gas per day when operational.
Verheijen added that major energy reforms introduced by President Bola Ahmed Tinubu since June 2023 focused on improving energy security, attracting investments, and deepening collaboration with key partners, including the US government.
She said the key reforms had improved the viability of the gas-to-power value chain of the country.
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| Special Adviser to the President on Energy, Olu Verheijen, speaks on the occasion |
The reforms, according to her, included initiatives to improve cash flows in electricity distribution through smart metering and the payment of outstanding debts owed investors and to reduce carbon emissions from gas production.
She added that the President issued five new executive orders to support the reform efforts aimed at providing fiscal incentives for investment and reducing the cost and time of finalising and implementing contracts to develop and expand gas infrastructure.
The presidential aide said the directives are aimed to immediately unlock up to $2.5 billion in new oil and gas investments in the country.
Responding, the U.S. Assistant Secretary of the State Department’s Bureau of Energy Resources, Geoffrey Pyatt, said the dialogue was apt and strategic.
“The inaugural U.S.-Nigeria Strategic Energy Dialogue has set the stage for strengthened energy collaboration between the United States and Nigeria.
Together, we’re advancing shared energy security, decarbonisation, and economic growth goals,” he said.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, led the Nigerian delegation to the event. Officials from the Ministry of Power, Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian Content Development and Monitoring Board, and NNPC Limited were also in attendance.
The U.S. delegation included representatives from the Bureau of African Affairs, USAID, the U.S. Department of Energy, the U.S. Trade and Development Agency, and the Export-Import Bank.
The project aligns with Nigeria's commitment to utilizing gas as a transition fuel in its climate action strategy, aiming to improve energy access for millions of Nigerians lacking reliable power. The dialogue also marked the launch of the Clean Energy Alliance of Nigeria, aimed at promoting investment in clean energy solutions across the country.
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