In a significant move to enhance Nigeria’s energy security and tap into its abundant gas resources, NNPC Ltd. and UTM Offshore Limited have signed a Heads of Terms (HoT) agreement in Abuja on Thursday for the construction of Nigeria’s first indigenous Floating LNG project.
NNPC Group Chief Executive Officer, Mr. Mele Kyari, emphasized the importance of this project, stating it is a “must-do” initiative for Nigeria. He also expressed the company’s commitment to securing sufficient gas feedstock for the successful implementation of the project. The initiative aims to promote the nation’s gas utilization and pave the way for a more sustainable energy future.
Also speaking at the occasion, the Group Managing Director, UTM Offshore Ltd., Mr. Julius Rone, expressed his delight at the partnership with NNPC Ltd., stating that this milestone achievement showcased the capability of indigenous companies to collaborate with world-class energy conglomerates to drive growth in Nigeria’s energy sector.
He further explained that apart from significantly cutting down on gas flaring and supporting the country’s commitment to reducing carbon emissions, the project would also create over 7,000 job opportunities, contributing to the nation’s economic growth and development.
Mr. Mohammed Abdulkabir Ahmed, the Executive Vice President of Gas, Power, and New Energy at NNPC Ltd., highlighted that the project is in perfect alignment with NNPC Ltd.’s objectives. These objectives include ensuring energy availability, affordability, and sustainability, as well as generating revenue through exports.
