Nigeria’s UTM secures gas supply deal, clears key hurdle to $3 billion LNG project
Nigeria's UTM Offshore said on Tuesday it had secured a 15-year gas supply agreement, removing a major obstacle to a final investment decision on its $3 billion floating liquefied natural gas (FLNG) project, now expected in the fourth quarter after delays.
The project, in which NNPC holds a 20% stake, UTM Offshore 72% and Delta state government 8%, received Nigeria's first licence for a floating LNG export facility in 2024 as the government seeks to monetise large volumes of stranded gas reserves and expand LNG exports.
Rone said the agreement would provide certainty for investors, lenders and LNG buyers and position the project for a final investment decision in the fourth quarter of 2026.
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