The Department of Petroleum Resources announced on Monday that it had issued a licence to establish the first floating Liquefied Natural Gas production plant in the country.

The DPR said in a statement that the licence was issued to UTM Offshore Limited, an indigenous oil and gas company.

It said the plant would have a capacity to process 176 million cubic feet per day of natural gas and condensate.

The Director/Chief Executive Officer, DPR, Mr 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 the President, Major General Muhammadu Buhari (retd.), to Nigerians to promote indigenous participation in the oil and gas sector and ensure that companies come to Nigeria and do business in an equitable way to stimulate the economy and create jobs for Nigerians.

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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 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, 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.