Business
UTM Offshore FLNG Achieves Global Recognition as Top 20 Energy Project
UTM Offshore FLNG earns top 20 oil and gas project ranking in Sub-Saharan Africa, poised to boost Nigeria’s gas sector with its first floating LNG facility
UTM Offshore FLNG has been named among the top 20 oil and gas construction projects in Sub-Saharan Africa, a recognition that highlights its potential to reshape Nigeria’s gas industry and strengthen its global energy footprint.
Also read: Nigeria Oil Production 2025 Surges Past 1.8m bpd, Boosting Budget Hopes
The accolade was conferred by Adron Mason, a Washington DC–based policy analyst, who praised the project’s scope and expected impact.
Located offshore in Akwa Ibom State, the \$2 billion facility will process 324 MMSCF/D of natural gas and produce LPG, condensate, and 2.8 million tonnes of LNG annually.
Originally licensed in 2019 for 1.2 million tonnes per annum, capacity was expanded to 2.8 million tonnes in response to rising LNG demand.
Nigeria, with an estimated 200 trillion cubic feet of untapped gas reserves, aims to reduce reliance on oil and cut waste from gas flaring.
Also read: Nigeria Upstream Oil Resurgence Boosts Output, Revenue, Investor Trust
Founded by Julius Rone in 2012, UTM Offshore is spearheading Nigeria’s first floating LNG project, slated for commissioning in 2028, with first gas production expected in 2029.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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