The $550 million upstream gas project between the NNPC Ltd. and TotalEnergies on the development of the Ubeta field has taken off, the Presidency announced on Tuesday.
Special Adviser to the President on Energy, Olu Verheijen, disclosed this during an inaugural US-Nigeria Strategic Energy Dialogue, hosted by the U.S. State Department in Washington, DC.
According to a statement signed by Chief Corporate Communications Officer NNPC Ltd, Olufemi Soneye in Abuja on Tuesday, 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.