DPR Licenses Firm to Establish LNG, Condensate Floating Plant

0

By Peter Uzoho

The Department of Petroleum Resources (DPR) has issued Licence to Establish (LTE) the first floating Liquefied Natural Gas (LNG) production plant for the processing of 176 million cubic feet per day of natural gas and condensate to UTM Offshore Limited, an indigenous oil and gas company.

A statement by the Head of Public Affairs, DPR, Mr. Paul Osu, said the agency’s Director, Mr. Sarki Auwalu, presented the licence to the company yesterday at a presentation ceremony held at the DPR headquarters in Abuja.

Auwalu described the licence as a milestone and a reinforcement of the promise and commitment of President Muhammadu Buhari to Nigerians to promote indigenous participation in the oil and gas sector.

He also said the move was to ensure that companies come to Nigeria and do business in an equitable way to stimulate the economy and create jobs for Nigerians.

He added that the licence was a demonstration of governments resolve to harness safe and reliable technology for the development of the oil and gas industry.

Auwalu assured that DPR will 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 Limited, 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.