TotalEnergies Reaffirms Commitment to Taking FID on Ubeta Project in 2024

Hopes of new projects that would revitalise the Nigerian oil and gas industry and grow local content appear close to realisation as the Managing Director and Country Chair of TotalEnergies E&P Nigeria Limited, Mr. Matthieu Bouyer, has reconfirmed that the company would take the Final Investment Decision (FID) on the Ubeta gas project in 2024

Bouyer also revealed that some big upstream projects on the horizon would follow shortly.

The managing director made the announcement when he led senior officials of the company to visit the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Felix Ogbe at the Board’s liaison office in Abuja, on Thursday.

A statement issued yesterday, by the NCDMB corporate communications department said the purpose of the visit was to congratulate the executive secretary on his appointment and reassure him of TotalEnergies’ commitment to continue developing oil and gas projects that would deliver value for the country, deepen Nigerian content, and yield returns to the company’s shareholders.

Bouyer, according to the statement, affirmed that the company has an outstanding track record in Nigeria and has developed key oil and gas projects in the last 10 years.

Some of the projects, he explained, were in deep water, as well as shallow water, adding that they created Nigerian Content

Records, such as the fabrication of six modules of the Egina’s Floating Production Storage and Offloading (FPSO) vessel in Nigeria.

The Managing Director also confirmed that the company was determined to unlock new projects in Nigeria and solicited the continued cooperation of the NCDMB for accelerated Nigerian Content reviews and approvals.

He noted that the Ubeta project, which is located at Oil Mining Lease (OML) 58, is an onshore project and was designed to contribute gas to the Nigeria Liquefied Natural Gas (NLNG) plant and meet other domestic gas supply needs.

TotalEnergies' Executive Director, JV Assets, Mr. Obi Imemba, had sometime last year, highlighted the progress being made on the Ubeta project in preparation for FID.

"Already we have the site survey and basic engineering completed; we have the detailed engineering ongoing with Netco in Lagos.