In order to make energy poverty history by 2030, Africa needs to invest in and develop its entire natural resource base, including oil and gas. With over 125 billion barrels of proven oil reserves and 620 trillion cubic feet of proven gas, leveraging the continent’s hydrocarbons will set Africa on an accelerated path towards industrialization and long-term economic growth. With the continent’s premier event for the oil and gas industry,
African Energy Week (AEW) , coming up on October 18-21, oil and gas will be top of the agenda, and as such, recent sponsorship confirmation made by UTM FLNG Limited, a privately-held company engaged in diverse sectors of the Nigerian as well as international markets, speaks to the caliber of AEW 2022 as the ideal forum to discuss oil, gas and Africa’s development.
As a Nigerian-based company, UTM FLNG has been instrumental in the expansion of the Nigerian energy sector, supporting both on- and offshore operations across the oil, gas and logistics sectors. Initially established for the Direct Sales and Direct Purchase of Nigerian crude oil; the provision of premium marine security, support and logistics services; and short- to long-term leasing of sea going vessels, service boats and allied equipment, UTM FLNG is now developing and co-funding – alongside the African Export-Import Bank – one of the country’s biggest gas developments: the $5 billion floating liquefied natural gas (FLNG) project in Nigeria. As such, the company is helping transform the country’s energy sector in line with the government of Nigeria’s Decade of Gas initiative.
Representing Nigeria’s first-ever FLNG facility, the UTM FLNG-led project will produce 1.2 million tons of liquefied natural gas per annum, utilizing gas reserves from ExxonMobil and the Nigerian National Petroleum Corporation’s Yoho Gas Field. A final investment decision for the FLNG project is expected in the second quarter of 2023, following which its construction and completion will unlock new opportunities for domestic gas utilization and export. At a time when European nations are seeking alternative gas supplies in light of the ongoing Russia-Ukraine conflict, projects such as the Nigerian FLNG development will not only help make energy poverty history in 2030 but will help meet global demand for the resource. Accordingly, projects such as this are critical and through its sponsorship, UTM FLNG will help drive the narrative that gas is good for Africa.
“UTM FLNG represents the kind of company that will transform Africa’s energy sector for the better. By offering support services for on- and offshore oil and gas projects, working with a suite of regional and international partners in Nigeria, and driving megaprojects such as the Nigerian FLNG, UTM FLNG is demonstrating the role African independents play in Africa,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), adding that, “AEW 2022 is committed to driving investment and development across the entire energy value chain, however, specific emphasis will be placed on the continent’s gas sector. Gas is the fuel of the future in Africa and therefore it is imperative that we get large-scale projects off the ground and monetize our resources. During the event, sponsors such as UTM FLNG will help reshape the narrative on gas, driving meaningful dialogue around FLNG, monetization and investment.”
At AEW 2022, UTM FLNG will be represented by Group Managing Director, Julius Rone. With a wealth of experience across the logistics, maritime, construction and energy sector, Rone is well positioned to lead dialogue around gas monetization and FLNG in Africa. Through Rone’s leadership, UTM FLNG has managed to expand across sectors in Nigeria, driving development on a wider economic scale.
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African Energy Week (AEW) 2022:
AEW 2022 is the AEC’s annual conference, exhibition and networking event. AEW 2022 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments. Key organizations such as the African Petroleum Producers Organization, as well as African heavyweights including Equatorial Guinea and Nigeria, have partnered with AEW, strengthening the role the event will play in Africa’s energy future.
