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TotalEnergies SE (NYSE:TTE), along with the Nigerian National Petroleum Corporation Ltd (NNPCL), is set to develop the Ubeta gas field in Nigeria.
TotalEnergies is the OML 58 onshore license operator in Nigeria with a 40% interest. NNPCL holds a 60% stake.
The OML 58 license project is situated around 80 km northwest of Port Harcourt in Rivers State and encompasses two fields currently in production: the Obagi oil field and the Ibewa gas and condensate field. The gas produced from OML 58 is processed at the Obite treatment center and supplied to both the Nigerian domestic gas market and the Nigeria LNG (NLNG) plant.
Production is set to start in 2027, reaching a plateau of 300 million cubic feet per day (about 70,000 barrels of oil equivalent per day, including condensates).
Gas from Ubeta will supply the Nigeria LNG plant on Bonny Island.
TotalEnergies holds a 15% interest in an ongoing capacity expansion from 22 to 30 Mtpa on Bonny Island.
Mike Sangster, Senior Vice President Africa, Exploration & Production at TotalEnergies stated, "Ubeta is the latest in a series of projects developed by TotalEnergies in Nigeria, most recently Ikike and Akpo West.
The new gas project was made possible by the government's “recent incentives for non-associated gas developments,” Sangster added.
Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (ARCA: EIPX) and Keating Active ETF (NASDAQ:KEAT).
Now Read: TotalEnergies Exits Brunei, Offloads Oil Asset To Malaysian Company
Price Action: TTE shares are up 0.24% at $66.82 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
