UTM Offshore, the company behind the first floating liquefied natural gas project in Nigeria, has struck a landmark deal with Africa’s Afreximbank covering $5 billion of funding.

The development is due on stream in 2026 — a year later than envisaged originally — and aims to use about 176 million cubic feet per day of gas sourced from the shallow-water ExxonMobil-operated Yoho field in oil mining licence 104 as feedstock for the FLNG facility.

The vessel is expected to be able to produce 1.2