Nigeria’s First FLNG Gets 2026 Construction Timeline as Julius Rone Bags Sun Investor Award

Nigeria’s gas industry is set for a historic milestone as Chief Executive Officer of UTM Offshore, Dr. Julius Rone has announced that construction of the country’s first-ever Floating Liquefied Natural Gas (FLNG) project will commence in 2026.

He made the announcement in Lagos while receiving the honour as Investor of the Year at the 2026 Sun Newspaper Awards.

Rone described the development as a defining moment for Nigeria’s energy sector.

“This year, we are moving into the construction phase,” Rone declared, confirming that the long-awaited UTM Offshore FLNG project has reached the execution stage after years of planning, financing and regulatory approvals.
He attributed the project’s progress to an improved investment climate under the administration of President Bola Ahmed Tinubu, noting that incentives introduced under the Renewed Hope Agenda have helped unlock large-scale private sector investments in gas.

“The administration of President Bola Ahmed Tinubu has continued to create an enabling environment to encourage investors, particularly in the gas industry,” Rone said. “The President has given a lot of incentives to investors who want to develop the gas sector.”

According to him, the UTM Offshore FLNG facility will be located at the Yoho Field, Oil Mining Lease (OML) 104, approximately 60 kilometres offshore in the Niger Delta. The project is designed to produce 1.5 million tonnes of Liquefied Natural Gas (LNG) annually for export, alongside 300,000 tonnes of Liquefied Petroleum Gas (LPG) for domestic consumption.

With 2.2 trillion cubic feet of proven gas reserves, the facility is expected to sustain operations for at least 20 years.
Rone said the project would significantly reduce Nigeria’s dependence on imported cooking gas, stressing that domestic LPG supply remains one of the project’s core objectives.

“One quarter of LPG importation into Nigeria will stop,from this project alone, we will supply at least 300,000 metric tonnes per annum to support the domestic market. Instead of importing, we will become self-sufficient,” he said.
Beyond energy security, he noted that the FLNG project would stimulate job creation, boost government revenue and strengthen Nigeria’s economy.

The financial structure of the project reflects strong international confidence in Nigerian-led energy initiatives.

Afreximbank is the lead financier, having mobilised $2 billion for Phase One, with an additional $3 billion earmarked for Phase Two, bringing total project financing to $5 billion.

The ownership structure comprises UTM FLNG with 72 %equity, Nigerian National Petroleum Company Limited (NNPCL) with 20 %, and the Delta State Government with eight %.

The project has also secured partnerships with global engineering firms JGC Holdings, Technip Energies and KBR, and has completed environmental and social impact assessments.

Project Advisor and board member of UTM FLNG Ltd, Engr. Sadeeq Mai-Bornu described the award as timely and well-deserved noting that the project would open the door for more FLNG developments in Nigeria.
“This is the first FLNG project in Nigeria, and once this one is done, more will come,”

“It is a very encouraging recognition, and more is expected of the company,” Mai-Bornu said.

The Managing Director and Editor -in-chief of Sun Publishing Limited Onuoha Ukeh described Rone and other award recipients as “uncommon achievers” whose investments and resilience continue to drive national development beyond government policy frameworks.