Nigerian gas tycoon Julius Rone is closing in on a final investment decision (FID) for his flagship $5 billion floating LNG project.
At Africa Energy Week 2025 in Cape Town, Rone confirmed that Vitol will serve as a key buyer of LNG exports, while Seplat Energy is in advanced talks to supply feed gas for the facility.
The UTM Offshore-led project will use a floating LNG vessel instead of a costly onshore plant, tapping gas from the Yoho field with a capacity of 2.8 million tonnes per year.
It will supply LPG to Nigeria’s domestic market while exporting LNG to Europe and Asia.
If successful, this would be Nigeria’s first large-scale FLNG project, cutting flaring, boosting exports, and marking a milestone in Africa’s gas strategy.
