The Group Managing Director and Chief Executive Officer of UTM Offshore Limited, Dr. Julius Rone, has reaffirmed the company’s commitment to delivering Nigeria’s first Floating Liquefied Natural Gas (FLNG) project by 2029, emphasizing that the initiative is being executed in collaboration with some of the world’s leading engineering and energy companies.
Speaking at the just-ended African Energy Week in Cape Town, South Africa, Dr. Rone revealed that UTM Offshore is partnering with Japan Gas Corporation (JGC), Technip Energies NV, and Kellogg, Brown & Root (KBR)—firms globally renowned for their expertise in large-scale energy infrastructure.
“One of the things we got right from the beginning was to engage the best engineering companies in the world,” Dr. Rone said. “We have assembled a consortium, Open Sea Technologies, to drive the development of Nigeria’s first FLNG project.”
He explained that the project, located offshore Akwa Ibom State, has reached advanced stages of preparation, with focus now on securing a Final Investment Decision (FID).
“We are ensuring that all key elements—upstream, midstream, and downstream—are fully aligned. The identified gas assets are held under a 60-40 joint venture between NNPC and Seplat Energy, and we are working closely with these partners to guarantee sustainable supply,” he added.
According to Dr. Rone, the FLNG project will leverage lessons from similar operations in Mozambique, Malaysia, and Kuwait, ensuring that Nigeria’s version meets world-class engineering and environmental standards.
He also highlighted the involvement of the Afreximbank in Cairo as a key financial partner, tasked with mobilizing both debt and equity financing for the multibillion-dollar project.
“Afreximbank has a mandate to support African trade and indigenous companies, and they are playing a crucial role in aggregating funds and structuring the financial framework for this project,” he stated.
Dr. Rone further disclosed that condensate from the project will be reserved for the domestic market to boost industrial growth, while the LNG will be exported to meet rising demand in Europe and Asia.
Outlining the roadmap to completion, he said the project will proceed through three key milestones: securing the gas supply agreement, finalizing sales agreements, and completing financing arrangements before the FID is declared.
“We are about 95 percent through the negotiation of the gas supply agreement and expect to sign it in the coming weeks,” he noted confidently.
In an earlier ceremony marking the official License to Construct (LTC) approval, Dr. Rone expressed appreciation to President Bola Ahmed Tinubu and all stakeholders for their support, reiterating UTM Offshore’s commitment to operating with integrity, sustainability, and respect for host communities and the environment.