THE African Energy Chamber (AEC) ,the voice of the African energy sector, is pleased to announce that Nigerian wholly owned services conglomerate UTM Offshore Limited will participate as a platinum sponsor during the highly anticipated African Energy Week (AEW) 2023 conference, taking place on October 16-20 in Cape Town, South Africa. UTM Offshore Limited’s sponsorship showcases the company’s commitment towards providing world-class marine logistics and supply chain services to support Nigeria’s offshore oil exploration and production activities.
Boasting first-rate experience in developing, deploying and managing solutions for the maritime and oil services sectors in Nigeria and West Africa, UTM Offshore Limited has acquired considerable expertise in delivering capacity enhancement, development and empowerment initiatives. The company was established in July 2012 as a privately held Nigerian conglomerate and engages in subsea engineering; dredging; equipment leasing; rental, procurement, and marine support; and logistics services to public and private oil and gas companies.
The company is managed and operated by a team of highly experienced maritime and oil service specialists and provides a competitive and wide range of customized products and services. UTM Offshore Limited is actively engaged in exploration and production campaigns in Nigeria and the broader West African region, leveraging their considerable resources to develop a long-lasting and mutually beneficial social and economic relationship with Nigeria’s National Oil Company, the Nigerian National Petroleum Corporation (NNPC) Ltd. for the direct sales and direct purchase of Nigerian crude oil.
In July 2023, UTM Offshore Limited signed a Heads of Terms Agreement with the NNPC to develop Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. In partnership with the African Export-Import Bank, UTM Offshore Limited raised an initial sum of $2 billion for the first phase of the project, with a commitment of $3 billion for its second phase. The project is poised to diminish the West African country’s gas flaring while supporting the Government’s commitment to reducing carbon emissions by tapping into Nigeria’s vast resources. What’s more, the project is poised to create up to 7,000 job opportunities, thus contributing towards the country’s socioeconomic growth and development.
Upon completion, the FLNG plant will boast a production capacity of 1.2 million tons per year and will feature a turret and mooring system, gas pre-treatment modules, Liquefied Natural Gas (LNG) production modules, living quarters, self-contained power generation and utilities, as well as capacities for LNG storage and offloading. Feedstock for the vessel will be received from an existing offshore facility where it will be treated, liquefied, and stored for deployment for LNG carriers.
The country holds an incredible 200 trillion cubic feet of proven natural gas reserves, and is poised to increase this figure three-fold following the completion of new exploration campaigns currently underway. As such, the country ranks among the top five exporters of LNG in Africa. Meanwhile, Nigeria holds an estimated 37.1 billion barrels of crude oil reserves and has an average daily oil production of approximately 1.49 million barrels per day. This impressive upstream market accounts for roughly 6.63% of the country’s total GDP, positioning the country as one of the biggest oil producers on the continent.
“The promotion and development of gas resources in Africa will be critical for driving sustainable socioeconomic development and for making energy poverty history across the continent,” stated AEC Executive Chairman, NJ Ayuk, adding that, “Given the immense resources that may be developed and utilized for commercial purposes in Nigeria, UTM is well-positioned to play a major role in bringing affordable, accessible, reliable, and clean energy to the people of the wider West African region. The company also serves as a testament to the role African energy firms have and will continue to play in Africa’s energy future.”
With a stated commitment towards becoming the one-stop solution for offshore support equipment and marine transportation logistics services in Nigeria, UTM Offshore Limited’s proven track record in Nigeria’s oil industry will showcase Africa as a driving force in sustainable energy development and value addition.
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