Nigeria's First Floating LNG Plant Aims for September Decision

Julius Rone, CEO of UTM Offshore, is pushing for a September decision on Nigeria's first floating liquefied natural gas plant. Estimated to cost around $3 billion, the facility will sit about 60 kilometers off Akwa Ibom State at the Yoho field.

The plant, which will process gas currently being flared in the Niger Delta, is expected to export 1.5 to 1.8 million tonnes of LNG annually and supply 300,000 to 500,000 tonnes of cooking gas locally, meeting roughly a quarter of Nigeria's domestic LPG demand.

Afeximbank has committed $350 million to the project, while NNPC Limited holds a 20% equity stake and the Delta State Government holds an 8% stake. Engineering partners include JGC Corporation of Japan and Technip Energies of France.