NNPCL, UTM Offshore Limited sign HoT agreement for Nigeria's first indigenous floating LNG project

Group Managing Director UTM offshore Ltd. Mr. Julius Rone, signing the agreement while NNPCL GCEO, Mele Kyari watches

In a major step towards bolstering Nigeria's energy security and promoting the utilization of its abundant gas resources, the NNPC Limited and UTM Offshore Limited Thursday, July 20, 2023, in Abuja, signed a Heads of Terms (HoT) agreement for the construction of the nation's first indigenous Floating LNG project.

Describing the Floating LNG project as a "must-do" initiative for Nigeria, the NNPC Group Chief Executive Officer (GCEO), Mr. Mele Kyari, expressed the company’s readiness to secure gas feedstock towards the project.

Also speaking at the occasion, the Group Managing Director, UTM Offshore Limited, Mr. Julius Rone, expressed his delight at the partnership with NNPC Ltd, stating that the milestone achievement showcased the capability of indigenous companies to collaborate with world-class energy conglomerates to drive growth in Nigeria's energy sector.

In a press release signed by Garba Deen Muhammad, Chief Corporate Communications Officer of NNPC Ltd, Rone
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.

According to the press release also, NNPC Ltd’s Executive Vice President, Gas, Power & New Energy, Mr. Mohammed Abdulkabir Ahmed,  said the project aligned perfectly with NNPC Ltd’s goals of ensuring energy availability, affordability, and sustainability while also generating revenue through exports.
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