In a major step towards bolstering Nigeria’s energy security and promoting the utilization of its abundant gas resources, the NNPC Ltd. and UTM Offshore Limited have today in Abuja signed a Heads of Terms (HoT) agreement for the construction of the nation’s first indigenous Floating LNG project.
This was made known via a press release signed by the Chief Corporate Communications Officer, NNPC Ltd; Garba Deen Muhammad on Thursday.
Describing the Floating LNG project as a “must-do” initiative for Nigeria, the NNPC Ltd. GCEO, Mele Kyari, OFR, expressed the company’s readiness to secure gas feedstock towards the project.
Also speaking at the occasion, the Group Managing Director, UTM Offshore Ltd., Julius Rone, expressed his delight at the partnership with NNPC Ltd., 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.
In his remarks, NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, 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.