May 20, 2018

Neoleum Energy Executes Agreement with Wison for Small-Scale LNG Project in Nigeria

Neoleum Energy has entered into an agreement with Wison Offshore and Marine, a global leader in floating solutions, to explore and collaborate on the development of a commercially viable small-scale liquefied natural gas (LNG) project in Nigeria. The solution aims to harness Nigeria's offshore gas resources using Wison's proven floating LNG technology, paving the way for sustainable energy solutions in the region.

The agreement between Neoleum Energy and Wison brings together Neoleum's expertise in global energy project development, and deep understanding of the regional gas market, with Wison's innovative floating LNG solution and track record of delivering the first barge-mounted FLNG project in the world.

Neoleum Energy's decision to collaborate with Wison stems from the company's commitment to unlocking the full potential of Nigeria's offshore and stranded gas resources following its engagement with NNPC, NAPIMS and IOCs operating in Nigeria which include Shell, Chevron, and Exxon on monetizing stranded offshore gas assets. By deploying Wison's floating LNG facility, the proposed project will have a capacity of 1 million tonnes per annum, providing a viable and flexible solution for LNG production.

Neoleum Energy's Managing Director, Dikko Atanu, expressed enthusiasm about the collaboration, stating, "We are delighted to partner with Wison, a global leader in floating production systems. This strategic agreement allows us to leverage Wison's technical expertise and operational excellence, positioning us for success in developing and operating our FLNG facilities."

In conjunction with its strategic partners, Neoleum Energy aims to secure the necessary agreements for gas from a stranded gas field operated by an IOC, regulatory approvals, and offtake agreements. The project provides LNG buyers with access to a stable and competitive LNG supply source, contributing to a sustainable and diversified energy market.