The project would be the first FLNG scheme developed by an African-owned company
Afreximbank backs Nigerian-owned FLNG project
Bank has made a preliminary agreement to help fund scheme
African multilateral financial institution Afreximbank has signed a “head of terms” agreement with private Nigerian player UTM Offshore for “project preparation facility [PPF] financing” for a Nigerian-owned floating LNG development. UTM is planning a 1.2mn t/yr facility with 200,000m³ of storage capacity, to be located 60km off the coast of Nigeria’s Akwa Ibom state. The PPF appoints Afreximbank as mandated lead arranger to raise funding and is intended to reduce risk and quicken progress “towards bankability”. Afreximbank is also the project’s financial advisory mandate. The bank says the deal is part of its “ongoing support” for UTM’s fundraising efforts. It emphasises that the project wo
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
