UTM Offshore Limited, the promoters of Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility, have approached the Nigerian Content Development and Monitoring Board (NCDMB) seeking equity investment in the project and expeditious approval processes to facilitate its development.
The request was made during a meeting held at the Nigerian Content Tower in Yenagoa, Bayelsa State, where the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe hosted the UTM Offshore Limited management team, led by the Group Managing Director, Mr. Julius Rone.
Set for completion in 2028, the FLNG project aims to produce approximately 450,000 tonnes of liquefied petroleum gas (LPG) annually, significantly contributing to Nigeria’s domestic market and reducing the country’s reliance on LPG imports.
Mr Rone highlighted UTM Offshore’s commitment to leveraging Nigeria’s stranded gas reserves offshore, promoting energy transition, enhancing domestic LPG consumption, and facilitating technology transfer.
He invited NCDMB to consider equity participation in the project, emphasizing its strategic importance to Nigeria’s energy security.
Acknowledging the project’s significance, Engr. Ogbe commended UTM Offshore’s progress and assured the company of NCDMB’s support in obtaining necessary approvals.
He encouraged proactive communication from the company regarding any challenges encountered during the project’s execution.
In response to the request for equity investment, Engr. Ogbe pledged to review the application with NCDMB’s management and escalate it to the Governing Council for further consideration.
He also committed to NCDMB’s participation in roadshows to promote Nigerian Content opportunities within the FLNG project, fostering increased engagement from local oil and gas services companies.
On his part, Engr. George Amara, the Technical Manager of the FLNG project, outlined vital achievements, including approvals for various project stages and the engagement of Nigerian engineers and firms.
He underscored UTM Offshore’s commitment to utilizing Nigerian fabrication yards and emphasized the importance of expediting approvals for the project’s critical stages.