UTM Offshore Limited and African Energy Week
The African Energy Chamber reveals exciting news about UTM Offshore Limited, a wholly-owned Nigerian services conglomerate, becoming a platinum sponsor at the highly anticipated African Energy Week (AEW) 2023 conference.
They have scheduled the event to take place in Cape Town, South Africa, from October 16 to 20.
UTM Offshore Limited’s participation as a sponsor underscores the company’s dedication to providing top-notch marine logistics and supply chain services, vital for supporting Nigeria’s offshore oil exploration and production activities.
UTM Offshore Limited’s Expertise and Contributions
With a remarkable background in developing, deploying, and managing solutions for Nigeria and West Africa’s maritime and oil services sectors, UTM Offshore Limited has earned a reputation for expertise in capacity enhancement, development, and empowerment initiatives.
Established in July 2012 as a privately held Nigerian conglomerate, the company engages in a diverse range of services, including subsea engineering, dredging, equipment leasing, rental, procurement, marine support, and logistics services for both public and private oil and gas companies.
The company is led and operated by a team of highly experienced maritime and oil service specialists, who bring to the table a competitive and extensive array of customized products and services.
Additionally, UTM Offshore Limited plays an active role in exploration and production campaigns in Nigeria and the broader West African region.
Moreover, one of its significant partnerships involves working closely with Nigeria’s National Oil Company, the Nigerian National Petroleum Corporation (NNPC) Ltd., facilitating the direct sales and purchase of Nigerian crude oil.
Pioneering Nigeria’s Floating Liquefied Natural Gas Project
In July 2023, UTM Offshore Limited achieved a significant milestone by signing a Heads of Terms Agreement with the NNPC to develop Nigeria’s first Floating Liquefied Natural Gas (FLNG) project.
To finance this ambitious project, the company secured an initial sum of $2 billion in collaboration with the African Export-Import Bank, with an additional commitment of $3 billion earmarked for its second phase.
The FLNG project aims to reduce gas flaring in Nigeria significantly while aligning with the government’s carbon emissions reduction goals, tapping into the country’s abundant natural resources.
Moreover, the project is poised to create up to 7,000 job opportunities, thereby contributing to Nigeria’s socioeconomic growth and development.
Upon completion, the FLNG plant will have a production capacity of 1.2 million tons per year and will feature cutting-edge facilities, including 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 treated, liquefied, and stored at an existing offshore facility before deployment to LNG carriers.
Nigeria’s Energy Potential and UTM Offshore Limited’s Role
Nigeria proudly possesses an astonishing 200 trillion cubic feet of proven natural gas reserves, and experts anticipate that ongoing exploration campaigns will triple this figure in the near future. With such abundant resources, the country ranks among the top five exporters of LNG in Africa.
Additionally, Nigeria’s Offshore Oil holds an estimated 37.1 billion barrels of crude oil reserves, making it one of the continent’s largest oil producers, with an average daily production of approximately 1.49 million barrels per day. This thriving upstream market accounts for around 6.63% of the country’s total GDP.
Driving Sustainable Socioeconomic Development in Africa
“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,”
said AEC Executive Chairman, NJ Ayuk.
Moreover, he went on to further emphasize that UTM Offshore Limited’s pivotal role in harnessing Nigeria’s immense resources uniquely positions the company to play a major and influential role in providing affordable, accessible, reliable, and clean energy to the wider West African region.
As an African energy firm, UTM Offshore Limited serves as a testament to the vital role such companies play in shaping Africa’s energy future.
UTM Offshore Limited: A Driving Force in Sustainable Energy Development
With its unwavering commitment to becoming the go-to solution for offshore support equipment and marine transportation logistics services in Nigeria, UTM Offshore Limited’s impressive track record in the country’s oil industry showcases Africa as a driving force in sustainable energy development and value addition.
Furthermore, as the platinum sponsor for African Energy Week 2023, the company’s significant presence further reinforces its dedication to supporting Nigeria’s offshore oil sector and boldly highlights the continent’s immense potential in leading the way toward a sustainable energy future.
Sources: THX News & African Energy Chamber.
