UTM OFFSHORE LIMITED (UTM) SIGNS MEMORANDUM OF UNDERSTANDING (MoU) TO RAISE $2 BILLION FOR THE DEVELOPMENT OF THE FIRST FLOATING LIQUEFIED NATURAL GAS PLANT
The Group Managing Director / CEO of the UTM Group of Companies: Mr. Julius Rone signs the MoU for the development of first Floating LNG production plant in West African Sub Saharan region. In partnership with African Export-Import Bank (Afreximbank) raised an initial sum of $2 billion for the first phase, with a commitment for $3 billion in the second phase. This is in line with the firm’s strategic partnership to support a future final investment decision (FID).
The MoU agreement milestone follows the Pre-FEED Agreement signing which was conducted in May, experts assert that UTM is well on course for the delivery of this project. The company aims to impact the energy sector in the region by reducing gas flaring, attracting major investments, and also establishing trade and economic markets for Natural Gas export. The President and Chairman of Afreximbank lauded UTM’s achievement in spearheading this project and also to affirm the support of the bank .
“This is a landmark project that Afreximbank takes very seriously” ~Prof Oramah
UTM aims to develop and finance a 1.2m tonnes per annum FLNG facility with a capacity to process 176 MMscfd of natural gas and condensate. The block is located at the Yoho field which is operated by the joint-venture of ExxonMobil (operator, with 40% equity) and the NNPC with 60%.The CEO, Mr Rone, forecasts the completion of the floating LNG plant in 2026. Fully equipped with Turret and Mooring System, Gas pre-treatment modules, LNG production modules, living quarters, self-contained power generation and utilities as well as capacities for LNG storage and offloading.
The agreement was signed in Abuja, ably coordinated by the representatives of the Project, Afreximbank – Prof. Benedict O. Oramah and The CEO, UTM Offshore Limited – Mr Julius Rone, as witnessed by Directors of the Nigerian National Petroleum Corporation (NNPC); Executive representatives of UTM, Afreximbank, amongst other corporations.
UTM OFFSHORE LIMITED (UTM) SIGNS PRE-FEED CONTRACT AGREEMENT FOR THE FIRST FLOATING LIQUIFIED NATURAL GAS (FLNG) PRODUCTION PLANT BETWEEN JGC CORPORATION (JGC), JAPAN AND KELLOG BROWN AND ROOT (KBR), UNITED KINGDOM
The Group Managing Director / CEO of the UTM Group of Companies: Mr. Julius RONE signs the Preliminary – Front End Engineering Design (Pre-FEED) for the first Floating LNG production plant in the West African Sub Saharan with JGC Corporation, Japan. The Pre-FEED Agreement milestone follows after the award of the License to Establish (LTE) of the FLNG production plant by the Department of Petroleum Resources (DPR) to UTM Offshore Limited in February 2021. Also engaged in this project by UTM, is the world’s renowned Kellogg Brown and Root (KBR) of the UK who will be providing the Owner’s Engineering Services for the project.
The Pre-FEED signing ceremony was done virtually and was coordinated by the representatives of the Project Counsel, Templars – Yemisi Awonuga and The Project Principal Consultant, Yahaska Energy Limited – Dr. Yahuza Kassim, and witnessed by the Director of the Department of Petroleum Resources (DPR) – Engr. Sarki Auwalu; Executives representatives at JGC, KBR, Vitol, Business moguls and gentlemen of the Press.