- This UTM Offshore FLNG plant reduces Nigeria’s carbon footprint and monetises over 200 trillion cubic feet of natural gas reserves.
- The FLNG facility, developed in partnership with NNPC, will process associated gas flared from the offshore Yoho field.
UTM Offshore is set to showcase Nigeria’s Floating Liquefied Natural Gas (FLNG) at the upcoming Invest in African Energy (IAE) forum in Paris. The Group Managing Director and CEO of UTM Offshore, Julius Rone, will participate in an investor roundtable at the event.
UTM Offshore, a leading provider of oil and gas, marine and energy industry services, is currently driving Nigeria’s energy transition by developing a floating LNG (FLNG) plant. This FLNG plant reduces the country’s carbon footprint and monetises over 200 trillion cubic feet of natural gas reserves.
Furthermore, the FLNG facility, developed in partnership with the Nigerian National Petroleum Corporation (NNPC), will process associated gas flared from the offshore Yoho field.
With a planned capacity of 1.5 million tons per annum – along with 176 million cubic feet of natural gas and condensate and 300,000 tons of LPG for the domestic market – the project is central to Nigeria’s plans to position natural gas as a means of power generation, job creation and industrialisation while lowering carbon emissions and monetising untapped reserves.
Energy Capital & Power organised the IAE 2024 forum to facilitate investment between African energy markets and global investors. The Paris event, scheduled for May 14-15, 2024, offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers.
On her part, the Event and Project Director at Energy Capital & Power, Sandra Jeque, noted, “African LNG has risen to the forefront of investors’ interest, able to align with the global energy transition while meeting Africa’s needs for electrification and value-added industries.
“Serving as a model of successful public-private partnership, UTM Offshore and NNPC have secured initial funding of $2 billion for the project’s first phase, with FID expected later this year. The investor roundtable will share insights from industry pioneers like UTM into how developers can unlock new forms of financing and establish built-in markets for LNG trade and export.”