AfrOil: UTM Offshore delays FID on Nigeria’s first FLNG project to Q2 2024

Nigeria’s UTM Offshore says it has once again been forced to push back taking a final investment decision (FID) on the country’s first floating LNG (FLNG) project. Julius Rone, UTM Offshore’s managing director and CEO, told LNG Prime on March 18 that the project’s expected FID was being pushed back to the second quarter of 2024.

The announcement marks another setback in the timeline for taking FID on the project. In July 2023, the company said it was targeting FID by the end of the same year. However, by December 2023, it had readjusted its timeframe to the first quarter of 2024.

UTM is now pushing the Nigerian Content Development and Monitoring Board (NCDMB) to fast-track the FLNG project by investing in it and accelerating the granting of key approvals. Upon completion, the FLNG vessel would produce up to 2.72mn tonnes per year (tpy) of gas from the deepwater Yoho field, located within OML 104.