Nigeria’s quest for increased investment in the oil and gas sector is receiving a boost as the International Oil Company, TotalEnergies is set to take final investment decision, FID on UBETA Oil Mining Lease, OML 58 in the first quarter of 2024.
Speaking at the TotalEnergies Booth, at the ongoing Nigerian Association of Petroleum Explorationists, NAPE, International Conference and Exhibition in Lagos, Emmanuel Ekut, Deputy General Manager, DGM, Sub-Surface Development Integrator, stated that the company is hopeful of having the FID on UBETA OML 58 in the first quarter, QI of next year.
He explained that the project is expected to contribute to exponential gas supply to the Nigerian Liquefied Natural Gas, NLNG Plant, as it is also meant to meant domestic gas supply.
According to him, the project is part of TotalEnergies response to the Federal Government’s gas commercialisation and domestic utilization initiative.
The project will no doubt give a boost to the Nigeria’s Decade of Gas Policy, which aims to position the country as a regional gas hub, offering economic opportunities and sustainable energy solutions.
OML 58 lies in the Eastern Niger Delta, 30 kilometres northwest of Port Harcourt, Rivers State. It is the only onshore OML within the NNPC/TotalEnergies Joint Venture. It is said to contain five fields: Erema, Olo, Ubeta, Obagi (the oldest field in the JV and one of the largest in Nigeria) and the Ibewa gas/condensate field. Liquids from OML 58 are gathered at Olo and Obogu and enter the Shell-operated Trans Niger Pipeline (TNP) system at the Rumuekpe manifold.