UTM Offshore Joins African Energy Week (AEW) 2024 as Gold Sponsor as Pioneering Floating Liquefied Natural Gas (FLNG) Project Makes Headway

 

Nigerian oil and gas company UTM Offshore aims to make FID on its pioneering FLNG facility in Nigeria in 2024, with production targeted for 2026. The company advanced the project to the Engineering, Procurement, Construction, Installation and Commissioning phase in March 2024, laying the foundation for a fast-tracked and high-impact development.

In line with its commitment to driving innovation in Nigeria’s energy sector, UTM Offshore has joined the African Energy Week (AEW): Invest in African Energy 2024 conference – taking place November 4-8 in Cape Town – as a gold sponsor and a sponsor of the FLNG strategic panel session. The company’s involvement in AEW: Invest in African Energy 2024 underscores its commitment to advancing Africa’s energy future and highlights the significance of its FLNG project in addressing domestic energy needs and reducing gas flaring.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

The FLNG project, Nigeria’s first FLNG facility developed by an indigenous company, is being developed by UTM Offshore in partnership with the state-owned Nigerian National Petroleum Corporation (NNPC). The facility is central to Nigeria’s energy transition strategy, focusing on gas monetization and clean energy solutions. The project is set to revolutionize Nigeria’s energy landscape by producing 176 million cubic feet of gas per day from the Yoho Field, with 1.5 million tons of LNG and 300,000 metric tons of LPG expected to be produced annually. While LNG is destined for export, LPG will be produced for the domestic market. Expected to be complete by 2026, the project is poised to provide direct employment for 3,000 Nigerians and indirect employment for an additional 4,000, further driving economic growth and sustainability.

The UTM FLNG project has also garnered substantial support through a project preparation facility agreement signed with pan-African multilateral financial institution the African Export-Import Bank (Afreximbank) to finance the construction of the FLNG facility in Akwa Ibom State. Afreximbank’s backing will facilitate the financing of key project preparatory activities, advancing the initiative towards full bankability.

Additionally, the company’s expertise spans various sectors within the oil and gas industry, including construction and management of FLNG facilities, meticulous pipeline monitoring and security, specialized oil services training, marine logistics with a fleet of advanced vessels, precision dredging for improved navigation and efficient distribution channels through their Direct Sales Distribution Program. This diverse range of services highlights UTM Offshore Limited’s versatility and its pivotal role in advancing Africa’s energy infrastructure and sustainability.

“UTM Offshore’s FLNG project is a monumental achievement, not just for Nigeria, but for Africa as a whole. This project exemplifies how local companies can drive innovation and development in the energy sector while prioritizing domestic needs. By focusing on gas monetization and clean energy solutions, UTM Offshore is leading the charge toward a more sustainable and prosperous future for the region,” states NJ Ayuk Executive Chairman of the African Energy Chamber.

As a gold sponsor, UTM Offshore will contribute to AEW: Invest in African Energy 2024 by showcasing its cutting-edge FLNG technology and strategic initiatives. The company is expected to contribute to discussions focused on the future of FLNG in Africa, sharing insights on the impact of their project on Nigeria’s energy landscape and the broader region’s energy sector. These discussions will explore the challenges and opportunities in FLNG development, offering valuable perspectives to industry stakeholders.

Distributed by APO Group on behalf of African Energy Chamber.