Sunday, July 25, 2021

    NNPC Awards Nigeria’s First Floating LNG License

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Privately-owned Nigerian company UTM Offshore has been awarded a license to install a floating liquefaction (FLNG) unit at its Yoho oil field.

    This marks the first FLNG license to be issued in Nigeria.

    UTM Offshore is expected to install a 1.2 million tons per annum FLNG unit at the Yolo field.

    The legal advisor for the deal, Templar, has said that the unit will be able to produce and process about 176 million cubic feet per day of gas, providing 1-2 cargoes monthly. The field is owned by ExxonMobil subsidiary, MPN, which holds a 40 percent stake and operatorship, and the Nigerian National Petroleum Corporation, which has a 60 percent stake.

    Templar’s Energy and Projects Partner Dayo Okusami said: “We are pleased to have been part of this significant milestone for our client, UTM Offshore.

    It has been hard work securing the first FLNG license to be issued in Nigeria and the hard work will continue until completion of the project, which will contribute to the actualization of the zero-flare policy of the Nigerian Government as well as increasing Nigeria’s LNG production capacity.”

    UTM Offshore was incorporated as a private Nigerian company in 2012. The Yoho field started crude oil production in 2003.

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