The Nigerian Nation Petroleum Company Limited (NNPCL) and UTM Offshore Limited have join hands to partner in their continued effort to grow gas and make affordable to consumers, they both signed the Heads of Terms Agreement which spells out terms of 20 per cent equity contribution of the NNPCL in the UTM FLNG Project.
This corporate partnership aimed at making cooking gas available for all Nigerians took place at the NNPCL corporate headquarters in Abuja.
This laudable partnership that beam hope to end gas scarcity and high cost is also a collaborative effort between the two companies to provide clean energy to Nigerians for various uses.
Mr Julius Rone, the group managing director, UTM Offshore Limited who is also the promoter of the project attested to the fact the collaborative effort to lingering issues of scarcity and high cost of cooking gas, he also confirmed that the front-end engineering design, FEED, is already on in Lagos, Yokohama and Paris with JGC, Technip and indigenous companies acting as consultants.
“Final Investment Decision (FID) is expected to be taken in the fourth quarter of 2023 with planned Project start up in the fourth quarter of 2026. When completed, it will produce 1.7mmtpa of LNG and 300,000 metric tons of LPG (cooking gas) which will be fully dedicated to the domestic market. The project is estimated to provide direct employment for 3,000 Nigerians and another indirect employment for an additional 4,000 people. The LPG produced will help bring down the price of cooking gas, improve the socioeconomic wellbeing of Nigerians, reduce deforestation, gas flaring and its attendant carbon emission”.
