The Nigerian National Petroleum Company Ltd (NNPCL) and French energy major TotalEnergies have launched a $550mn investment for the development of the Ubeta field in the West African country. 

The announcement was made by Olu Verheijen, special adviser on energy to President Bola Tinubu, during the inaugural United States-Nigeria Strategic Energy Dialogue held in Washington, DC and hosted by the US State Department. 

The Ubeta field, discovered in 1964 and located northwest of Port Harcourt, is expected to make a significant contribution to Nigeria's energy sector. This investment follows the Final Investment Decision (FID) on the Ubeta Field Development Project, completed in June 2024. Once operational, the Ubeta field is projected to produce 350mn standard cubic feet of gas per day. 

In Washington, Verheijen also emphasised that the project aligns with Tinubu’s energy reforms, introduced in June 2023, which aim to improve energy security and attract investments. These reforms also include initiatives to enhance electricity distribution through smart metering and to reduce carbon emissions from gas production.  She was also keen to highlight the benefits of partnership with the US.

“I cannot overstate the importance of our longstanding relationship with the US and this inaugural dialogue. The goal of this dialogue is for us to jointly proffer solutions that will close the energy access gap for close to 100 million Nigerians who still lack reliable power,” said Verheijen. “The inaugural US-Nigeria Strategic Energy Dialogue [sets] the stage for strengthened energy collaboration between the United States and Nigeria.

Geoffrey Pyatt, US Assistant Secretary of the State Department’s Bureau of Energy Resources, emphasised the shared goals of both nations in advancing energy security, decarbonisation, and economic growth.