The Department of Petroleum Resources (DPR) has issued a license to UTM Offshore Limited for the establishment of an LNG production plant.
UTM Offshore Limited is an indigenous oil and gas company and the licence will allow it to process 176 million cubic feet per day (MMcfd) of natural gas and condensate.
At a presentation ceremony at the DPR headquarters Abuja on Monday, the Director of the agency, Mr Sarki Auwalu, explained that the milestone was a reinforcement of the promise and commitment of President Muhammadu Buhari to Nigerians to promote indigenous participation in the oil and gas sector.
He noted that the current administration was set to ensure that companies come to Nigeria and do business in an equitable way to stimulate the economy and create jobs for Nigerians.
He further stated that the license was a demonstration of the government’s resolve to harness safe and reliable technology for the development of the oil and gas industry.
Mr Auwalu assured that DPR will continue to create opportunities and enable business for companies by providing the regulatory tools of licenses, permits and approvals for investors.
On his part, the Managing Director of UTM Offshore Ltd, Mr Julius Rone, while receiving the license, promised to abide with the terms of issuance within the 24 months validity period of the LTE from the date of issue.