Afreximbank steps up support to first Africa-owned FLNG project

Last week in Cairo, the Afreximbank signed a Heads of Terms to support the establishment by UTM Offshore of the first Africa-owned floating LNG unit in Nigeria. Both companies had already signed a memorandum of understanding (MoU) at the end of last year.

UTM Offshore has been working for a couple of years on deploying a floating unit that would process flared gas into LNG for the export market. In 2021, it received a License to Establish (LTE) and teamed up with LNG Investment Management Services (LIMS), a subsidiary of NNPC Ltd, to advance the project.

It has now been joined by several international financial and technical partners, including KBR as owner’s engineer, and a consortium of JGC Corp. and Samsung Heavy Industries to execute the FEED. A final investment decision (FID) is expected in 2023 for a commissioning in 2026.

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Eco Oil & Gas consolidates interest in Block 3B/4B offshore South Africa

In yet another deal within the Orange Basin, Eco (Atlantic) Oil & Gas has announced its acquisition of another 6.25% in South African block 3B/4B. The company already entered the block earlier this year when it acquired Azinam, who holds a 20% non-operated interest in the license. Eco Oil & Gas is acquiring its additional […]

TotalEnergies to develop wood production and carbon sinks in Gabon

TotalEnergies has bought a 49% stake in Compagnie des Bois du Gabon (CBG) from Criterion Africa Partners. In doing so, the French major seeks to develop a forward-looking model of sustainable and responsible forest management that combines sustainable harvesting, biodiversity conservation, and long-term carbon storage. Criterion Africa Partners had entered the capital of CBG back […]

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