Energy

Nigeria: DPR issues licence for first floating LNG plant to indigenous company

The Department of Petroleum Resources has issued a licence to establish the first floating Liquefied Natural Gas production plant in the country.

The DPR said in a statement on Monday that the licence was issued to UTM Offshore Limited, an indigenous oil and gas company, that the plant would have a capacity to process 176 million cubic feet per day of natural gas and condensate.

Presenting the licence, Director/Chief Executive Officer, DPR, Mr Sarki Auwalu, said it was a reinforcement of the promise and commitment of the President, Major General Muhammadu Buhari (retd.), to Nigerians to promote indigenous participation in the oil and gas sector and ensure that companies come to Nigeria and do business in an equitable way to stimulate the economy and create jobs for Nigerians.

Mr Sarki added that the licence was a demonstration of government’s resolve to harness safe and reliable technology for the development of the oil and gas industry.

He added that the DPR would continue to create opportunities and enable business for companies by providing the regulatory tools of licences, permits and approvals for investors.

On his part, the Managing Director of UTM Offshore, Mr Julius Rone, while receiving the licence, promised to abide with the terms of issuance within the 24 months validity period of the LTE from the date of issue.