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How Nigeria’s Using Natural Gas to Shape the Energy Transition

Podcast Summary

Julius Rone, fondly called the “Gas King” throughout his circle of peers, is certainly living up to his nickname. As the Group Managing Director and CEO of UTM Offshore, Julius is spearheading one of the largest energy projects to ever hit Nigeria. He recently helped sign a Front End Engineering Design (FEED) contract for the first Floating Liquefied Natural Gas plant in the country. 

In this episode, Julius talks about what the new project means for energy security in Africa and the wider world:

  • Due to the Russia Ukraine War, Europe is in need of a new source of gas. Without it, the continent will largely turn to fossil fuels that pay a much greater environmental toll. This new Floating LNG plant in Nigeria could potentially supply gas to the European continent, making the project very important geopolitically. In many ways, natural gas is a mission critical fuel for the energy transition. Just take a look at the reduction in U.S. GHG emissions achieved by moving from coal to gas. 
  • According to Julius, now is the time to invest in Africa. Currently, there is increasing interest in energy investments across the continent. In fact, the Nigerian government recently declared this the “decade of gas development” in the country, as the world continues to rely on this transition fuel. 
  • Julius says that Nigeria hosts two major hubs: Abuja, the federal capital, and Lagos, the bustling commercial city. A surprising fact? The country is also home to an expansive yachting culture, with yachts littered across the Lagos Lagoon.

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