NNPCL, UTM Offshore Sign Agreement to Build Nigeria's First Floating Gas Plant

NNPCL, UTM Offshore Sign Agreement to Build Nigeria's First Floating Gas Plant

The Nigerian National Petroleum Company Limited (NNPCL) on Thursday signed a Heads of Terms (HoT) agreement with UTM Offshore Limited for the construction of the nation's first indigenous floating liquified natural gas (LNG) project.

The signing of the agreement took place at the NNPC headquarters in Abuja.

In a statement by Garba Deen Muhammad, the chief corporate communications officer of the company, NNPCL said the agreement is a step towards bolstering Nigeria's energy security and promoting the utilisation of its abundant gas resources.

"In a major step towards bolstering Nigeria's energy security and promoting the utilisation of its abundant gas resources, the NNPC Ltd and UTM Offshore Limited have today in Abuja signed a Heads of Terms (HoT) agreement for the construction of the nation's first indigenous Floating LNG project," the company said.

Describing the Floating LNG project as a "must-do" initiative for Nigeria, the Group Chief Executive Officer of NNPCL, Mele Kyari, restated the company's readiness to secure gas feedstock towards the project.

Also speaking at the occasion, the Group Managing Director, UTM Offshore Ltd, Julius Rone, expressed his delight at the partnership with NNPC Ltd, noting 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.

In his remarks, the NNPCL Executive Vice President, Gas, Power & New Energy, Mohammed Ahmed, said the project aligned perfectly with NNPC Ltd's goals of ensuring energy availability, affordability, and sustainability while also generating revenue through exports.

Comments

Keep up to date with our latest articles and uploads...