BEVERLY HILLS, February 09, (THEWILL) – The Department of Petroleum Resources (DPR) has issued a licence for the establishment of Nigeria’s first floating Liquefied Natural Gas (LNG) production plant.
The department said the plant would have a capacity to process 176 million cubic feet of natural gas and condensate per day.
According to a statement by DPR, the licence was issued to UTM Offshore Limited, an indigenous oil and gas company.
The Director/Chief Executive Officer, DPR, Alhaji Sarki Auwalu, while presenting the licence at the agency’s headquarters in Abuja, described the development as a milestone.
He said it was a reinforcement of the promise and commitment of President Muhammadu Buhari to promote indigenous participation in the oil and gas sector and ensure that companies came to Nigeria and did business in an equitable way to stimulate the economy and create jobs for Nigerians.
He added that the licence was a demonstration of the government’s resolve to harness safe and reliable technology for the development of the oil and gas industry.
Auwalu said the DPR would continue to create opportunities and enable business for companies by providing the regulatory tools of licences, permits and approvals for investors.
The Managing Director of UTM Offshore, Julius Rone, while receiving the licence, promised to abide by the terms of issuance within the 24 months validity period of the LTE from the date of issue.
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