Mkpoikana Udoma
Port Harcourt — The Nigerian National Petroleum Company Limited, NNPC Ltd. and UTM FLNG Ltd. have moved a step closer to finalising investment and execution plans for Nigeria’s first indigenous Floating Liquefied Natural Gas, FLNG project.
At a strategic engagement meeting in Abuja, Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, underscored the urgency of reaching a Final Investment Decision, FID, on the landmark 1.8 million tonnes per annum capacity FLNG project.
“The time to act is now. We must fast-track the FID and accelerate execution to harness Nigeria’s vast gas potential for economic transformation,” Ojulari said, calling for swift alignment between stakeholders on key commercial and operational frameworks.
NNPC Ltd. holds a 20% equity stake in the project, alongside UTM Offshore Limited and the Delta State Investment Development Agency, DIDA, which holds an 8% stake.
Ojulari emphasized that offtake agreements must reflect equity contributions, ensuring that each partner receives a fair share of production volumes.
Led by Group Managing Director Julius Rone, the UTM FLNG delegation reiterated its commitment to delivering Africa’s first indigenously promoted FLNG facility, describing the project as a game-changer for Nigeria’s gas monetisation strategy and a driver of industrial growth.
“We are proud of the strategic partnership with NNPC Limited and Delta State. This FLNG project will open up a new frontier for Nigeria’s gas sector and position the country as a key player in the global LNG market,” Rone said.
Industry watchers see the project as critical to realising the Federal Government’s “Decade of Gas” ambition, providing cleaner energy solutions, boosting export revenues, and catalyzing development in the Niger Delta.
As global demand for LNG rises amid energy transition pressures, both parties agreed to set clear timelines and accountability mechanisms to ensure timely delivery of the FLNG infrastructure.
