The Chief Executive Officer, UTM Offshore Limited, Mr. Julius Rone, has echoed the significance of creating an enabling environment for the growth of the oil and gas industry.
He disclosed this while delivering a keynote address at the ongoing Nigeria International Energy Summit 2024.
Mr. Rone spoke during the session with the topic energy security, transition, and finance aspirations of petroleum producers by focusing on innovation, agility, sustainability, financial resilience, and adaptability in the face of the dynamic energy landscape.
According to a release, he said the government has encouraged private investment in developing our gas resources and the “Decade of Gas” policy has provided clarity to investors. Currently, there are only three floating LNGs in Africa, all foreign-owned.
We can develop such technology but need regulators, government, and frameworks. In the second quarter of this year, we will announce the FID for a floating LNG in Nigeria, which will likely be the first indigenous-owned floating LNG in Nigeria by 2028.
‘‘The current administration has out lots of focus on gas when the President came in less than 50 days in office, we had the opportunity to visit him with our team of investors and he gave the clear directive that Nigeria should lead in gas supply while others follow. He showed his disappointment that despite our gas Nigeria has lag behind. He also reiterated that we need technology to make this happen and the technology has since improved.’’
