Nigerian gas tycoon Julius Rone seeks investment for revolutionary FLNG project

Nigerian gas tycoon Julius Rone, CEO of UTM Offshore Limited, is actively pursuing equity investment from the Nigerian Content Development and Monitoring Board (NCDMB) for the construction of the nation’s first Floating Liquefied Natural Gas (FLNG) project.

Rone’s strategic move comes amidst efforts to expedite essential approvals necessary for the swift development of this ambitious project, which holds the promise of transforming Nigeria’s energy landscape. Scheduled for completion by 2028, the FLNG project aims to bolster the country’s energy independence and optimize its offshore gas resources.

The appeal for investment was made during a meeting between Rone’s management team at UTM Offshore Limited and Felix Omatsola Ogbe, the executive secretary of NCDMB. Rone emphasized the project’s potential to contribute significantly to Nigeria’s energy transition, facilitate technology transfer, and spur domestic economic growth. He extended an invitation to NCDMB to become equity partners, citing existing collaborations with the Nigerian National Petroleum Company Limited (NNPCL) and the Delta State Government.

Nigeria’s energy independence: FLNG facility set to deliver 450,000 tonnes annually

Foreseeing the FLNG facility’s capacity to supply approximately 450,000 tonnes of liquefied petroleum gas (LPG) annually to the domestic market, Rone’s vision aligns with Nigeria’s aim to reduce its dependence on imports and enhance energy self-sufficiency.

George Amara, the technical manager of the FLNG project, provided insights into its scope and progress, emphasizing its target annual production of 2.72 million tonnes of LNG, LPG, and condensate. Notably, indigenous engineers and firms have been engaged in various project phases, underscoring UTM Offshore’s commitment to Nigerian content development.

Amara highlighted UTM’s intention to leverage Nigerian fabrication yards for in-country activities, with inspections of potential yards in Lagos and Calabar already completed. As the project advances into the crucial Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) stage, timely approvals from NCDMB are paramount.

Established in July 2012, UTM Offshore Limited, under Rone’s leadership, is a conglomerate with diverse interests in the energy and maritime sectors. Rone, a prominent figure in Nigeria’s oil and gas industry, brings extensive experience from both the public and private sectors to his role as group managing director and CEO.

Beyond business endeavors, Rone also spearheads philanthropic initiatives through the Julius and Yutee Rone Foundation, further solidifying his influence in shaping Nigeria’s future.