With the agreement, the state government would own eight per cent share of the project, NNPCL 20 per cent, and UTM Offshore,72 per cent.
The Secretary to the State Government (SSG), Dr Kingsley Emu, and Solicitor General/Permanent Secretary, Ministry of Justice, Omamuzo Erebe, signed on behalf of the Delta State Government, while Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari, signed for the company and Group Managing Director, Julius Rone, for UTM Offshore.
Speaking at the signing ceremony at the NNPC Towers in Abuja, Governor Sheriff Oborevwori said the UTM-FLNG Project is the first of its kind to be developed by an indigenous private company in Nigeria, noting that the government took eight per cent equity due to its conviction of the strategic importance of the project to the national economy.
He stated that with 40 per cent of Nigeria’s proven gas reserves in the state, it was a worthy investment, adding that the deal marked a significant milestone in the development of the project, while expressing hope that construction work would begin next year.
