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Julius Rone advises African countries to attract foreign gas investors

The Chief Executive Officer, UTM Offshore Limited, Mr. Julius Rone, has once again, echoed the need to create 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 on 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 made available to newsmen, the gas expert said, “the government has encouraged private investment in developing our gas resources.


“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.

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‘’The current administration has lots of focus on gas. When the President was 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 would follow.


“He showed his disappointment that despite our gas, Nigeria has lagged behind. He also reiterated that we need technology to make this happen and the technology has since improved. ’’


Speaking further, he said that Nigeria is showing the way, and is leading the way because the only way to develop as Africans is to show the investors that the continent is serious and ready to attract that investment.


‘’That it is the reason we are putting our best foot forward and developing this project in line with international best practice,” he stated.

The 7th edition of the Nigeria International Energy Summit, NIES 2024, will hold from 26th February to 1st March, 2024, with the theme, ‘Navigating the new energy World Order: Security, Transition and Finance’.

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It is a high-level business event that provides opportunities for Companies to showcase their expertise and market their goods and services directly to key decision makers. industry leaders and all stakeholders from both the Public and Private sectors through the Plenary sessions, networking events, and the well-located international exhibition.

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