June 19, (THEWILL)- The Nigerian National Petroleum Company (NNPC) Ltd and French oil giant, TotalEnergies, have reached an agreement to invest $550 million in the Ubeta Field Development Project, a gas processing facility in Rivers State.
The facility will supply gas to the Nigeria Liquefied Natural Gas plant (NNLG), a consortium between NNPC, Shell, TotalEnergies and Eni.
Although neither TotalEnergies nor the NNPC immediately responded to a request for comment, in an unofficial comment, an NNPC source privy to the agreement told Reuters on Wednesday that an announcement would be made this week.
The investment would include a gas processing plant and a pipeline, the source said, adding that the gas processing facility will be built on the Ubeta onshore gas field, jointly owned by Total and NNPC.
When completed, the plant would generate 350 million standard cubic feet per day of gas and 10,000 barrels per day of associated liquids, said the source.
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