- Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), hosted a delegation from UTM FLNG Ltd., led by Group Managing Director Julius Rone, OFR, at the NNPC Towers in Abuja today.
The visit marked a significant step in strengthening the strategic partnership between the two entities to advance Nigeria’s energy sector.
The discussions centered on the 1.8 million tonnes per annum (MTPA) Floating Liquefied Natural Gas (FLNG) project, with both parties emphasizing the need to finalize agreements and expedite project execution. Engr. Ojulari underscored the urgency of accelerating the Final Investment Decision (FID) to ensure timely progress.
He highlighted the equity structure of the project, with NNPC Ltd. holding a 20% stake, UTM Offshore Limited as the majority partner, and the Delta State Investment Development Agency contributing an 8% stake.
The GCEO stressed that offtake arrangements would be proportionate to each party’s investment, ensuring equitable benefits.
This collaboration aligns with NNPC Ltd.’s commitment to enhancing Nigeria’s position in the global energy market while fostering sustainable economic growth. The FLNG project is poised to bolster the nation’s liquefied natural gas output, supporting energy security and industrial development.
The meeting concluded with a mutual agreement to fast-track negotiations and project milestones, positioning the FLNG initiative as a cornerstone of Nigeria’s energy future.