Nigeria-based UTM Offshore Limited, which is planning to construct the country’s first Floating Liquefied Natural Gas Facility, says it will make the Final Investment Decision (FID) for the $5 billion project by the third quarter of 2025.
The company had planned to make the announcement at the end of 2024 but pushed it to this year. The firm has already completed engineering studies, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also approved the construction.
The Managing Director and Group CEO of UTM Offshore Limited, Julius Rone, disclosed the new date to this portal when reached on the phone after leading a delegation to meet the Group Chief Executive Officer of NNPC Ltd.
During the meeting with NNPC Ltd, discussions focused on the 1.8 million tonnes per annum Floating Liquefied Natural Gas project, with emphasis on finalizing project execution.
The Group Chief Executive Officer of NNPC Ltd highlighted the need to speed up the Final Investment Decision (FID).
According to a recent agreement signed with NNPC Ltd, NNPC Ltd will own 20%, while the Delta State Investment Development will hold 8%, with the remaining 72% share reserved for UTM Offshore.
Source: https://energynewsafrica.com
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