Nigeria: UTM Offshore plans to take FID on $5bn FLNG project in Q4 2024
CHIGOZIE AMADI
UTM Offshore Limited, a Nigerian indigenous company, has revealed plans to take a final investment decision (FID) on its 2.8 million ton per annum floating liquefied natural gas (FLNG) project in the fourth quarter of 2024.
Julius Rone, UTM Offshore CEO, made this known in an interview with the African Association of Energy Journalists and Publishers (AJERAP), stating that the FLNG project development would soon be ready for construction as the engineering and feasibility studies have been completed.
Rone noted that the license for the construction of the UTM FLNG has been approved by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the documentation was presented to the company by the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo.
According to him, “UTM Offshore is moving to the next phase to prepare for the final investment decision. Afreximbank is the project lead coordinator. They have secured several approvals for the project.
“We have taken a date. We will announce the final investment decision of the UTM FLNG project before the end of this year.”
The UTM FLNG facility will be located offshore Akwa Ibom State and is projected to be completed by 2028, with the first gas production in 2029.
