As Rone bags Sun investor award

Nigeria’s gas industry is on the cusp of a historic breakthrough as the Chief Executive Officer of UTM Offshore, Dr. Julius Rone, has announced that construction of the country’s first Floating Liquefied Natural Gas (FLNG) project will begin in 2026.

Rone announced in Lagos while receiving the Investor of the Year award at the 2026 Sun Newspaper Awards, describing the development as a watershed moment for Nigeria’s energy future.

“This year, we are entering the construction phase,” Rone said, confirming that the long-awaited UTM Offshore FLNG project has advanced to full execution after years of planning, financing and regulatory clearances.

He attributed the milestone to the improved investment climate fostered by the administration of President Bola Ahmed Tinubu, noting that incentives under the Renewed Hope Agenda have unlocked large-scale private sector participation in the gas industry.

“The administration of President Bola Ahmed Tinubu has deliberately created an enabling environment for investors, particularly in the gas sector,” Rone said. “Targeted incentives and policy clarity have encouraged investors to commit capital to long-term gas development.”

The FLNG facility will be located at the Yoho Field, Oil Mining Lease (OML) 104, approximately 60 kilometres offshore in the Niger Delta. It 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) per year for domestic consumption.

Backed by proven gas reserves of 2.2 trillion cubic feet, the facility is projected to operate for a minimum of 20 years. Rone stressed that boosting domestic LPG availability is a central objective of the project, noting that it would significantly reduce Nigeria’s dependence on imported cooking gas.

“At least one-quarter of Nigeria’s LPG imports will be eliminated by this project alone. We will supply no less than 300,000 metric tonnes annually to the domestic market. Rather than importing, Nigeria will move towards self-sufficiency,” he said.

Beyond enhancing energy security, Rone said the FLNG project would generate thousands of jobs, expand government revenue streams and deliver a significant boost to the national economy.

The project’s financing structure underscores 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 secured for Phase Two, bringing total project financing to $5 billion.

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

Project Adviser and board member of UTM FLNG Ltd, Engr. Sadeeq Mai-Bornu, described the recognition as timely and well deserved, saying the project would catalyze additional FLNG developments across Nigeria.

“This is Nigeria’s first FLNG project, and its success will open the door for many more. The award is a strong validation of the company’s vision, and greater expectations now lie ahead,” Mai-Bornu said.

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