In a landmark development, Nigeria has granted UTM Offshore Limited the first license for a floating liquefied natural gas (LNG) plant. The facility aims to capture and utilize gas flared from ExxonMobil’s oil field in the Niger Delta, addressing the country’s significant gas flaring issue, which results in over $1 billion in annual revenue loss. The plant will produce 500,000 metric tons of liquefied petroleum gas (LPG) for the domestic market, with the remainder exported as LNG. The engineering phase is expected to be completed by 2028, with production commencing in early 2029.