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Click on the top to follow us (Bloomberg) – Nigeria’s UTM Offshore Ltd. has received approval to build the West African nation’s first-ever floating liquefied natural gas (LNG) facility — five years after it was first announced. The Nigerian Midstream and Downstream Petroleum Regulatory Authority issued a so-called license-to-construct to the Abuja-based company for an LNG project estimated at 2.8 million metric tons per year. “This marks a significant milestone and aligns with the gas expansion ambitions of the government,” Farouk Ahmed, head of the regulatory agency, said on Friday. Nigeria, Africa’s largest crude producer, is trying to pivot away from its reliance on oil by promoting investment in the country’s largely unexploited 200 Tcf of proven gas reserves. Most of the nation’s gas output is currently either flared or re-injected into wells. UTM was initially granted a license to build a 1.2 MMtpa facility in 2019, but it was upgraded to 2.8 million tons “be
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