TheCable

The Department of Petroleum Resources (DPR) has issued licence to establish the first floating liquefied natural gas (LNG) production plant to UTM Offshore Limited, a private Nigerian oil and gas company.

Paul Osu, DPR head of public affairs, said the licence was presented to the company at the DPR headquarters in Abuja on Monday.

Presenting the licence, Sarki Auwalu, director of DPR, said the company will build a plant with the capacity for processing 176 million cubic feet of gas per day (MMcfd) of natural gas and condensate.

Auwalu said the licence is a demonstration of the federal government’s resolve to harness safe and reliable technology for the development of the oil and gas industry.

He also said the milestone is a reinforcement of the promise and commitment of Muhammadu Buhari to Nigerians to promote indigenous participation in the oil and gas sector.

He explained that this is to ensure that companies come to Nigeria and do business in an equitable way to stimulate the economy and create jobs for Nigerians.

Auwalu assured that the DPR would continue to create opportunities for companies by providing the regulatory tools of licences, permits and approvals for investors.

Meanwhile, Julius Rone, managing director of UTM Offshore Limited, promised to abide with the terms of issuance within the 24 months validity period of the LTE from the date of issue.