The Department of Petroleum Resources (DPR) has issued Licence to Establish (LTE) to UTM Offshore Limited, an indigenous oil and gas company, and the first floating Liquefied Natural Gas (LNG) production plant.
Disclosing this in a statement on the official website of the Department, the licence was issued on Monday in Lagos by Mr Paul Osu, Head Public Affairs, DPR.
However, the licence issued was presented to the company at the DPR headquarters in Abuja.
Mr Sarki Auwalu, the Director of DPR who presented the licence said the company would be processing 176MMcfd natural gas and condensate.
Auwalu said 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.
According to him, it is 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 government’s resolve to harness safe and reliable technology for the development of the oil and gas industry.
Auwalu said that the DPR would continue to create opportunities for companies by providing the regulatory tools of licences, permits and approvals for investors.
The Managing Director of UTM Offshore Ltd., 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.