IAE 2024: UTM Offshore to Showcase Nigeria’s FLNG Potential

The Group Managing Director and CEO of UTM Offshore, Julius Rone, OFR will participate in an investor roundtable at the upcoming Invest in African Energy (IAE forum in Paris. As a leading provider of oil and gas, marine and energy industry services,UTM Offshore is currently driving Nigeria’s energy transition through the development of a floating LNG ( FLNG) plant that reduces the country’s carbon footprint and monetizes its 200+ trillion cubic feet of natural gas reserves.

Developed in partnership with the Nigerian National Petroleum Corporation (NNPC), the FLNG facility will process associated gas currently being 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 industrialization, while lowering carbon emissions and monetizing untapped reserves.

IAE 2024 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 14-15, 2024 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers.

FLNG represents a key avenue for developing and monetizing Africa’s gas reserves, offering lower capital requirements, faster speed to market and reduced infrastructure and environmental impact onshore. Uniting the key investors and project developers currently shaping Africa’s LNG and FLNG markets, the investor roundtable will explore how new gas monetization projects can attract capital and guarantee stable returns, as well as their role in advancing a just energy transition by reducing emissions and gas flaring.

“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,” says Sandra Jeque, Event and Project Director at Energy Capital & Power – IAE 2024 event organizers.