WorldStage Newsonline– Nigeria’s oil and gas sector has recorded another milestone with the holding of the Final Investment Decision Ceremony (FID) for the OML58 Ubeta Field Development Project.
Rt. Hon. Ekperikpe Ekpo, Minister of State, Petroleum Resources (Gas) in his address at the FID ceremony said the project represented a significant milestone in the country’s ongoing journey to enhance Nigeria’s energy sector and underscores the strong and enduring partnership between Nigeria and TotalEnergies.
“The Ubeta Project, which is set to produce 350 million standard cubic feet per day (MMScf/d) of gas at its peak, is not only a testament to TotalEnergies’ unwavering commitment to Nigeria but also a crucial step towards securing the gas supply for Nigeria LNG. This development will significantly contribute to the stability and growth of our gas industry, a sector that is pivotal for the economic diversification and sustainable development of our nation,” he said.
“Our presence here today highlights the alignment of this project with the broader vision and strategic objectives set forth by His Excellency, President Bola Ahmed Tinubu, GCFR. It is a clear reflection of our dedication to increasing production capacity in Nigeria, in line with the Presidential Executive Orders of March 2024. This initiative is designed to transform Nigeria into a major gas hub, providing cleaner energy, creating jobs, and fostering economic growth.
“In addition, the Decade of Gas Initiative has set the stage for this kind of ambitious project. It emphasizes our commitment to leveraging our abundant gas resources to drive industrialization, reduce environmental impact, and provide affordable energy to millions of Nigerians. The Ubeta Field Development Project exemplifies the kind of investments we seek, those that bring technological advancement, foster local content, and create sustainable economic benefits for our people.
“I want to take this opportunity to commend TotalEnergies for their continued partnership and investment in Nigeria. Your efforts not only boost our gas production capabilities but also contribute to our shared goals of energy security and economic prosperity. We value your commitment to employing innovative technologies and practices that ensure the efficiency and safety of your operations.
“Furthermore, this project is a testament to the effectiveness of our policies aimed at creating a conducive environment for investment in the gas sector. The support from the Nigerian government, through favourable policies and regulatory frameworks, has been instrumental in bringing this project to fruition. We remain dedicated to maintaining an environment that encourages further investments and fosters the growth of our gas sector.
“As we move forward, let us remain steadfast in our collaborative efforts to harness Nigeria’s vast gas potential. The success of the Ubeta Project will not only be measured by the volumes of gas produced but by the lasting positive impact it has on our economy, our communities, and our environment.
“In conclusion, I extend my heartfelt congratulations to everyone who has contributed to making this project a reality. Your hard work and dedication are truly commendable. Let us continue to work together to ensure the successful implementation and operation of the Ubeta Field Development Project, setting a benchmark for future projects in Nigeria’s gas sector.”
