Delta State Governor, Sheriff Oborevwori, has said the country is poised for a significant leap in domestic cooking gas supply with the signing of the Shareholders Agreement for the pioneering Floating Liquefied Natural Gas (FLNG) project.
The ceremony, held at NNPC Towers in Abuja, saw Delta State Government securing an eight per cent equity stake in collaboration with NNPC Limited (20 per cent) and UTM Offshore (72 per cent).
Oborevwori emphasised the strategic importance of the project, given Delta State’s substantial share of Nigeria’s gas reserves.
The FLNG project, a first-of-its-kind initiative by an indigenous private company in Nigeria (UTM Offshore), aims to produce over 300,000 metric tonnes of LPG (cooking gas) for the domestic market.
Oborevwori highlighted the expected socio-economic benefits, including job creation, environmental impact reduction, and improved health for residents.
Expressing gratitude to the past Governor of the state Ifeanyi Okowa for his foresight, Oborevwori acknowledged the collaborative efforts of regulators, Afreximbank, and the dedicated staff of Delta State Investment and Development Agency (DIDA).
The Group Chief Executive Officer of NNPC, Mele Kyari, had commended Delta State’s commitment to gas development, emphasising the state’s dual role as a supporter and investor in the industry.
The Minister of State Petroleum Resources (Gas), Ekprikpe Ekpo, emphasised the need to monetise Nigeria’s vast gas reserves for economic development.
Group Managing Director of UTM, Julius Rone, expressed gratitude to Delta State for taking equity in the “laudable project” and expected the Final Investment Decision (FID) to be made before the end of the first quarter of 2024.
