NNPC, TotalEnergies sign $550m gas production deal

TotalEnergies, operator of Oil Mining Lease 58 onshore licence in Nigeria with a 40 per cent interest, together with the Nigerian National Petroleum Company Limited (60 per cent), on Thursday, signed a $550 Million Final Investment Decision for the development of the Ubeta gas field.
Located about 80 km northwest of Port Harcourt in Rivers State, the OML 58 licence contains two fields currently in production, which include the Obagi oil field and the Ibewa gas and condensate field.
At the FID signing ceremony held at the NNPC Towers in Abuja on Thursday, the Group Chief Executive Officer, NNPC Limited, Mele Kyari, appreciated President Bola Tinubu for supporting with the appropriate fiscal environment that is instrumental in achieving this significant milestone.
OML 58 gas production is processed in the Obite treatment centre and supplied to both the Nigerian domestic gas market and to the Nigeria Liquefied and Natural Gas plant.