Connect with us

latest

Nigeria Breaks New Ground! FG Approves First-Ever Floating LNG Plant License

Published

on

Nigeria Breaks New Ground! FG Approves First-Ever Floating LNG Plant License....KINDLY READ THE FULL STORY HERE▶

UTM Offshore Limited, a Nigerian company, has received the first-ever license to construct the country’s pioneering floating liquefied natural gas (LNG) plant.

According to Naija News, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued the license, marking a significant step towards the completion of the LNG facility, which is expected to produce 2.8 million metric tons annually.

Farouk Ahmed, Chief Executive of NMDPRA, hailed the development as a key milestone aligned with the government’s gas expansion initiatives. This project is also a strategic move towards capitalizing on Nigeria’s vast gas reserves, estimated at 206 trillion cubic feet, much of which is currently flared or re-injected into wells.

Initially, in 2019, UTM was granted a license for a facility with a capacity of 1.2 million tons per annum. However, due to increased global demand for LNG, this capacity was upgraded to 2.8 million tons.

The facility will be located offshore in Akwa Ibom State, within the resource-rich Niger Delta. The plant is scheduled for completion in 2028, with gas production starting a year later. It will produce LNG, petroleum gas, and condensate.

UTM’s CEO, Julius Rone, revealed that in 2021, the company secured a memorandum of understanding with the African Export-Import Bank to raise up to $2 billion for the project. The bank has already received preliminary approval to contribute $350 million.

Rone also confirmed that contracts for the project design have been awarded to Japan’s JGC Corp. and Houston-based KBR Inc., with Vitol Group securing an off-take agreement for the LNG output.

Furthermore, UTM signed a deal last year with the Nigerian National Petroleum Co. Ltd. (NNPC), granting them a 20% stake in the project. UTM intends to source gas for the facility from an offshore oil field operated by ExxonMobil in partnership with NNPC. However, this asset is currently being sold to Seplat, a company looking to develop its extensive gas reserves.

Rone commented, “The stranded gas can only be monetized through floating LNG technology, adding value to Seplat’s balance sheet with a ready-made buyer for undeveloped gas.”

latest

Insecurity Will Soon Be Defeated, Akpabio Assures Nigerians

Published

on

Senate President Godswill Akpabio has assured citizens that the federal government will soon overcome the nation’s security challenges through a renewed, proactive strategy by security forces.....KINDLY READ THE FULL STORY HERE▶

Speaking in support of President Bola Tinubu’s Renewed Hope Agenda, Akpabio emphasized that safety is vital for economic growth, noting that no local business or foreign investor can thrive in an atmosphere of chaos. He highlighted that security agencies have transitioned from a reactive stance to taking the fight directly to the enclaves of criminals, bandits, and insurgents.

Key highlights from his address include:

  • Collective Responsibility: Akpabio stressed that military hardware alone cannot end criminality, urging citizens to partner with security agencies by providing timely and credible intelligence.

  • Economic and Banking Resilience: He declared that Nigeria’s banking sector has shifted from survival to absolute dominance, becoming one of the safest and most technologically advanced in Africa.

  • Reforms Yielding Results: He credited ongoing bank recapitalisation and financial reforms for ending the era where banks could suddenly collapse and cause depositors to lose their savings.

Ultimately, the Senate President maintained that a combination of proactive security operations, economic reforms, and civic cooperation will drive Nigeria’s path toward lasting recovery and national development.

Would you like this rephrased version adjusted to a specific tone, such as a professional press release or a concise social media post?

Continue Reading

latest

‘So Many In A Cell – Gov Bago Breaks Silence On Death Of 37 Miners In NSCDC Custody

Published

on

Niger State Governor Mohammed Umaru Bago has addressed the tragic deaths of 37 suspected illegal miners in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Minna.....KINDLY READ THE FULL STORY HERE▶

  • Severe Overcrowding: Governor Bago confirmed that NSCDC holding facilities were severely overcrowded, stating that “so many [were] in a cell” designed for a much smaller capacity.

  • Potential Causes Under Investigation: While highlighting the dangerous overcrowding, the governor also pointed to possible poisoning as a contributing factor, citing the victims’ foam-filled mouths and the presence of chemical substances at the arrest site.

  • Accountability and Autopsies: The state government has suspended the NSCDC Commandant and his team. Investigations, including autopsies and toxicology reports, are being conducted by multiple agencies, including the police and DSS.

  • Call for Calm: Governor Bago ordered the closure of the mining site in question and appealed to the public to remain calm and avoid unrest as the investigation proceeds.

Continue Reading

latest

“POLITICAL BLOODSHED: Notorious Gunmen Assassinate Popular Enugu Politician In Midnight Ambush!”

Published

on

Prince Ikechukwu Oloto, a well-known politician in Enugu State also known as Okanga Moo, has been brutally murdered by unknown attackers in Nsukka Local Government Area.....KINDLY READ THE FULL STORY HERE▶

  • The Attack: Oloto was reportedly ambushed and killed on Thursday evening inside his residence located in the Odenigbo area of Nsukka.

  • Confirmation: Social media influencer Sen. Chijinkem Ugwuanyi confirmed the tragic incident on Facebook, stating that the politician was brutally attacked and cut into pieces.

  • Police Status: At the time of reporting, the exact circumstances surrounding the assassination remain unclear, and the Enugu State Police Command has yet to release an official statement.

Continue Reading

Trending