The Nigerian state-owned oil company NNPC has signed a Memorandum of Understanding (MoU) with Golar LNG to install a floating liquified natural gas (FLNG) facility in Nigeria. The project is expected to have a liquefaction capacity of 1.2 Mt/year, using resources form the Yoho gas field owned by ExxonMobil and NNPC.
In July 2022, Afreximbank executed a head of terms with Nigerian company UTM Offshore to part-finance a FLNG facility off the Akwa Ibom state, in south-eastern Nigeria. The partnership raised an initial sum of US$2bn for the first phase with a commitment for US$3bn for the second phase. UTM will undertake the development, design, and construction of the 1.2 Mt/year (1.6 bcm/y) FLNG export facility, which will also have a storage capacity of 200,000 m3, as well as ancillary facilities.
Since 1999, the country has exported LNG from the Bonny liquefaction plant. That plant is made up of 6 trains with a total capacity of 22 Mt/year (30 bcm/year) of LNG. LNG exports rose strongly, from 0.7 bcm in 1999 to 21 bcm in 2010 and 22 bcm in 2021, after a peak at 26 bcm in 2015.