NNPC and Total recently finalized a $550 million deal for the Ubeta project, marking a significant milestone for the oil and gas sector under President Bola Tinubu’s leadership. This project, aimed at securing gas supply for the Nigeria LNG train seven, signifies a positive step in attracting foreign investment to Nigeria’s struggling oil sector.
Ministers and officials involved highlighted the project’s importance in restoring investor confidence and revitalizing the sector. The Ubeta project, expected to start production in 2027, will contribute to Nigeria’s economy through increased NLNG exports and job creation.
TotalEnergies’ Senior Vice President for Africa, Mike Sangster, credited the government’s recent incentives for non-associated gas developments for making the project possible. The project aligns with TotalEnergies’ strategy of developing low-cost, low-emission projects, benefiting both the company and the Nigerian economy.
Officials emphasized that the project’s success reflects the government’s commitment to creating a conducive environment for gas sector investment. They believe the Ubeta project will enhance Nigeria’s gas industry, supporting economic diversification and sustainable development.
In line with Nigerian content plans, the Ubeta project will prioritize local involvement, with 100% of project management man-hours, engineering design, fabrication, and construction to be handled within Nigeria. This commitment demonstrates a strategic approach to maximizing local benefits from the project.
