UTM Projects Rapid Growth in Gas Sector, Reduction in Domestic Prices

Chuks Okocha in Abujs

A leading Nigeria gas company, UTM Offshore Limited, has said that the Decade of Gas Policy of the Federal Government has further provided direction and clarity to investors in the gas industry.

The Managing Director and Chief Executive Officer of UTM Offshore Limited, Dr. Julius Rone who made this known while speaking during the just concluded Nigeria International Energy Summit 2024 in Abuja also commended President Bola Ahmed Tinubu for encouraging private investment in developing the nation’s gas resources.

Rone said that President Tinubu’s commitment towards the Decade of Gas policy has further enhanced private sector’s participation and boosted investors’ confidence with greater prospects for rapid growth in gas production, exportation as well as marketing at affordable price for domestic and industrial use in the country.

He emphasized that Nigeria, partnering with other industry stakeholders can develop the technology needed to boost productivity in the gas sector, while indicating that the FID for floating LNG in Nigeria will be announced in the second quarter of this year.

“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,” he stated.

Rone stressed that gas resource is a key driver of economic growth, mass employment, business and commercial opportunities, industrialization and overall development for Nigeria with nearly 209 trillion cubic feet (TCF) of natural gas reserves which ranks as the 9th highest in the world.