Bridging global LNG gaps from the Niger Delta

Nigeria

Amin Ilyas, group executive chairman of Transoceanic Energy Group, talks to The Energy Year about the strategic significance of the company’s FLNG project in the Niger Delta and how government support is enabling project execution amid a global LNG supply gap. Transoceanic Energy develops integrated gas infrastructure projects, focusing on LNG, LPG and power.

What is the scope of your flagship FLNG project in the Niger Delta, and how is execution progressing?
The project is designed to produce 3 million tonnes per year (tpy) of LNG, with additional output of 150,000 tpy of LPG and 25,000 bopd of condensates. The LNG will be exported, while the LPG is earmarked for local consumption, which is important for improving domestic energy access. The condensates, like the LNG, will also be exported. LNG will be the primary driver, but the inclusion of all three products makes the project more dynamic and diversified. This allows us to meet both international and domestic demand.
In terms of execution, we’ve already come a long way. After completing the pre-FEED, we moved into the FEED stage, which is ongoing. The next step is to reach FID, which we’re targeting in the fourth quarter of 2026. Once that’s secured, we’ll enter the EPC phase. Our goal is to achieve first gas by 2029 – Q3 ideally, with Q4 as the worst-case scenario. It’s a disciplined and carefully managed execution plan, and we’re committed to staying on track.

How significant is this FLNG project for Transoceanic Energy’s overall operations?
It’s our flagship project, and it has gained strategic importance not just within our company, but also at the national level. The Ministry of Petroleum Resources, NMDPRA [Nigerian Midstream and Downstream Petroleum Regulatory Authority] and the Decade of Gas initiative have prioritised our FLNG project as one of the top 10 gas projects in Nigeria. That’s a major endorsement.
We were invited for a one-on-one with the federal government in which they outlined support mechanisms relevant to the project such as tax breaks and other incentives. These enablers make a huge difference, especially in large-scale projects like this. It’s also aligned with the current administration’s national energy security plan, which places a major emphasis on gas. So yes, it’s both a critical project for us and a national strategic priority.

How would you describe the level of government support you’re receiving?
This is arguably the most support any Nigerian government has provided for a gas project. The president’s vision for gas is outstanding. We’re not just seeing statements of intent – we’re seeing real incentives and frameworks being implemented to support project developers.
In the past, gas projects often struggled with limited government backing. But things have changed. There’s now a clear commitment to removing barriers, offering financial enablers and actively engaging with the private sector to make these projects succeed. That support is critical for a capital-intensive project like FLNG, and we’re grateful to be on the receiving end of such forward-thinking policies.

How do you assess the current global LNG market, and what opportunities do you see going forward?
Right now, the global LNG market is undersupplied. Demand far outpaces current supply, even with giants like Qatar in the game. If five additional FLNG projects producing 3 million tpy came online tomorrow, it still wouldn’t be enough. That’s the gap we’re dealing with.
The global population is growing, and so is energy consumption. LNG demand isn’t going to slow down anytime soon. Moreover, geopolitical factors, including Russia’s influence on gas pricing, have made LNG even more critical for energy security worldwide. The reality is: LNG is the future – clean, scalable and strategically essential. This presents a great opportunity for resource-rich countries like Nigeria to take centre stage.

Nigeria is often described as a gas province. What’s your view on how the country is managing this resource?
It’s ironic. Nigeria is rich in gas, but too many stakeholders still chase short-term oil gains. If we truly tapped into our gas reserves, we could rival global leaders such as Qatar. Some fields in Nigeria hold 10-15 tcf [283-425 bcm] of gas – enough to anchor major global supply hubs.
The long-term value of gas far exceeds that of oil, especially when you consider the shift towards cleaner fuels and energy diversification. We’re missing a huge opportunity. If Nigeria adopts a long-term gas strategy with real investments and infrastructure, we could dominate the global market. The resource base is there – it’s about harnessing it properly.

Are you currently looking for investors for the FLNG project, and if so, what kind of partners are you targeting?
Yes, we are. It’s a USD 6.5-billion project, and such an amount can’t typically be sourced from one place. In most cases, it will involve a consortium of investors or financiers. There’s still room for additional partners, but we’re also careful about who we bring on board. At the same time, we’re talking to a few offtakers who are willing to make advance payments at an agreed price, which is often the best model. If you can lock in a price now, and three years from now the market is higher – which it will be – you’re benefiting from today’s rates.
That structure is good for both sides. For the offtaker, it means access to LNG at discounted rates. For us, it’s not debt, and it’s not equity – it’s upfront capital that helps us deliver the project without dilution or long-term liabilities.

What was the original concept behind the floating power barge, and what’s the updated plan?
We’ve revised our strategy on that. Initially, the idea was to run the floating power barges in parallel with the FLNG, but after the pre-FEED and FEED assessments, we decided to stagger the development.
The power barge will now be co-located with the FLNG vessel, essentially feeding power back to the FLNG to ensure stable operations. Once the FLNG is completed and operational, we will then look into launching a separate, standalone power project. This sequence gives us better control, reduces complexity, and allows us to concentrate resources on the LNG first. We believe that taking it step-by-step will deliver better results.

What is your vision for Transoceanic Energy Group beyond the FLNG project?
We’re not putting all our eggs in one basket. Right now, we’re also active in Liberia, where we’re building a 100-MW power plant in partnership with National Oil Corporation. It will start off using LPG and later scale up to Natural Gas. We’re also developing an offshore logistics base there and have an upstream asset adjacent to a block TotalEnergies recently signed.
Long-term, the vision is to become an IOC with Nigerian roots. Once the FLNG is successful, we plan to replicate it. Nigeria has huge gas reserves, and the FLNG model is scalable. The dream is to be an IOC with upstream operations across several countries, headquartered in Nigeria. We focus on gas-heavy assets, using oil primarily to generate short-term revenue and support the more capital-intensive gas developments. There’s huge potential in gas – the derivatives alone are very attractive. That’s our focus

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