Nigeria is about witnessing a new era of Liquified Natural Gas industry growth and across the region as the demand for energy continues to increase, following UTM Offshore agreement for the Front-End Engineering Design , of its LNG Floating project.
The agreement will kickstart construction for Nigeria’s first Floating Liquefied Natural Gas facility with engineering firms KBR, JGC Corporation and Technip Energies on November 16 in London. With first production from the $1.8 million FLNG facility anticipated before 2027, UTM Offshore’s FLNG project will unlock opportunities in the LNG space.
Having signed an agreement to co-finance the development with the African Export-Import Bank earlier on, UTM Offshore’s signing of the FEED will move the development of the massive FLNG project from the fundraising stage to the implementation phase with parties involved, including, NNPC Limited and ExxonMobil, in the OML 104 block development, seeking to fast track the development, exploitation and monetisation of stranded gas resources to ensure energy security, access to energy and clean...
The African Energy Chamber, as the voice of the African energy sector, strongly supports the development and commends UTM Offshore and its partners for the milestone.With factors such as the Russian-Ukraine war, increases in energy demand and global energy transition-related policies fueling the energy crisis at global scale, the AEC strongly believes African gas has a huge role to play in liberating global economies and the global energy market.