The Nigerian National Petroleum Company Limited (NNPCL) and UTM Offshore Limited have signed a Heads of Terms (HoT) agreement for the construction of the nation’s first indigenous 1.5MTPA Floating LNG project.
Agroclimatenews gathered that the partnership would bolster Nigeria’s energy security and promote utilization of the country’s abundant gas resources with a view to cutting down on gas flaring and supporting the country’s commitment to reducing carbon emissions.
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Describing the Floating LNG project as a “must-do” initiative for Nigeria, the NNPCL Group Chief Executive Officer, 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 NNPCL, 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.
A statement signed by the company’s Chief Corporate Communications Officer, Garba Deen Muhammad also reported the NNPCL Executive Vice President, Gas, Power & New Energy, Mr. Mohammed Abdulkabir Ahmed saying the project aligned perfectly with NNPCL’s goals of ensuring energy availability, affordability, and sustainability while also generating revenue through exports.
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