Julius Rone, the CEO of UTM Offshore, a key player in Nigeria’s energy sector, has been confirmed as a speaker at the upcoming Invest in African Energy (IAE) 2025 Forum in Paris. UTM Offshore is currently leading the development of Nigeria’s first floating LNG (FLNG) facility, with significant investments in Africa’s energy future.
The $5 billion UTM FLNG project is making steady progress, with major milestones achieved in design, construction, and production timeline. The 2.8 MTPA facility is set to boost Nigeria’s LNG capacity, strengthening its position in the global energy market. In September 2024, UTM Offshore obtained the license from the Nigerian Federal Government for the project’s construction, moving closer to a final investment decision expected in 2025.
The IAE 2025 Forum is a premier event designed to facilitate investment in African energy markets by global investors. Scheduled for May 13-14, 2025, in Paris, the forum offers a platform for industry experts, project developers, investors, and policymakers to engage intensively for two days. For more details and registration, visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, contact sales@energycapitalpower.com.
The UTM FLNG project exemplifies the strategic approach required to secure substantial funding for large-scale gas ventures. This includes diversifying funding sources, securing off-take agreements, and garnering government support. UTM Offshore signed an MOU with the African Export-Import Bank in 2021 to raise up to $2 billion for the project. The bank has preliminarily approved an investment of $350 million, while UTM has engaged JGC Corp and KBR Inc. for the facility’s design. Vitol Group has also entered into an LNG off-take agreement, and UTM recently inked a deal with the Nigerian National Petroleum Company for a 20% stake in the project.
UTM Offshore’s participation at IAE 2025 underscores its dedication to maximizing returns on investment in Africa’s energy sector, particularly through transformative projects like UTM FLNG. These initiatives not only showcase Africa’s growing capacity to provide sustainable energy solutions but also foster collaboration with international investors and stakeholders, positioning the continent as a significant player in the global energy landscape.
This article was distributed by APO Group on behalf of Energy Capital & Power.
