What gas supply agreement has UTM Offshore secured, and how does it impact the timeline for its $3 billion FLNG project?

UTM Offshore has secured a 15-year gas supply agreement with a joint venture between NNPC Ltd and Seplat Energy Producing Nigeria Unlimited to supply 200 million standard cubic feet (5.7 million cubic metres) of gas per day from the Yoho field for its floating LNG (FLNG) project. This agreement removes a major obstacle to the final investment decision (FID), which is now expected in the fourth quarter of 2026 after prior delays. According to UTM CEO Julius Rone, the deal establishes the long-term feed gas framework needed to advance project financing, construction, and operations, and provides certainty for investors, lenders, and LNG buyers.

Who are the stakeholders in UTM's FLNG project, and what regulatory milestone did it recently achieve?

The stakeholders in UTM's FLNG project are UTM Offshore (72% stake), Nigeria's state-owned NNPC Ltd (20% stake), and the Delta State Government (8% stake). The project received Nigeria's first licence for a floating LNG export facility in 2024 — a key regulatory milestone — as part of the government's broader effort to monetise stranded gas reserves and expand LNG exports.

Nigeria's UTM Secures Gas Supply Deal, Clears Key Hurdle to $3 Billion LNG Project

Jul 7, 2026

UTM Offshore secured a 15-year gas supply deal with NNPC and Seplat, clearing a hurdle for its $3 billion floating LNG project. Final investment decision is expected in Q4 2026 for the 1.8 million tonne annual capacity facility.

reuters

2026-07-07

Nigeria's UTM Secures Gas Supply Deal, Clears Key Hurdle to $3 Billion LNG Project

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