LNG: Nigeria’s UTM Offshore Delay FID on FLNG Project to Q2

UTM Offshore has again delayed a final investment decision on Nigeria’s first floating LNG project to Q2 2024 according to LNG Prime citing chief executive, Julius Rone.

• FID was originally targeted by the end of 2023. The FLNG will process associated gas from the Yoho field and is expected online in 2028.
• Expected production has been increased from a previously stated volume of 1.5mtpa up to 2.72mtpa of gas, dedicated to the domestic market.
• UTM has recently requested investment in the project from the Nigerian Content Development and Monitoring Board (NCDMB) to join NNPC and the Delta State government as a partner.
• UTM currently holds 78% of the FLNG project, NNPC owns 20%, and the Delta State government owns 8%.
• The company also aims to install a second FLNG offshore Nigeria.