Nigeria Eyes FLNG Revolution as Global Market Set to Triple by 2030
Nigeria is positioning itself at the forefront of the floating liquefied natural gas revolution, with UTM Offshore’s ambitious FLNG project moving toward implementation as global FLNG capacity prepares to triple by 2030. The project completed its front-end engineering design in October 2023 and is transitioning into execution phase, with a final investment decision anticipated in the first quarter of 2025.
The facility will boast impressive processing capacity of 2.8 million tonnes per annum, comprising 2.1 MTPA LNG, 500,000 tonnes per year of LPG, and 200,000 tonnes per year of condensate. UTM Offshore believes the project will “put Nigeria on the global map of FLNG nations” while reducing gas flaring, increasing government revenues, unlocking enormous gas reserves, and creating youth employment opportunities.
Rystad Energy research shows that once-challenging FLNG technology is now achieving utilization rates comparable to onshore terminals, with global capacity expected to reach 42 million tonnes per annum by 2030 and 55 million tonnes by 2035. The dramatic improvement in economics and reliability has transformed FLNG from an experimental technology into a mainstream solution for monetizing stranded gas reserves.
Source: orientalnewsng.com
