President Bola Tinubu has welcomed the $800 million Final Investment Decision on the Ima Gas Project, describing it as a major step towards developing Nigeria’s long-undeveloped gas resources.
The project is being developed by Nigerian energy company AMNI International in partnership with TotalEnergies. The Ima gas field is located across offshore Oil Mining Leases 112 and 117 near Bonny Island, Rivers State.
The field was discovered in 1973 but remained undeveloped for more than five decades before the investment decision announced on Wednesday.
According to TotalEnergies, the project will be developed with a single platform connected to Nigeria LNG through a 22-kilometre pipeline. Production is expected to start in 2028 and reach a plateau of about 350 million cubic feet of gas per day.
Ima gas to support NLNG expansion
Once operational, the Ima field is expected to supply about one-third of the gas required for the ongoing Train 7 expansion of Nigeria LNG.
The expansion is designed to increase NLNG’s liquefaction capacity from 22 million tonnes per annum to 30 million tonnes per annum.
Tinubu said the project demonstrated the importance of creating conditions that encourage investment in Nigeria’s natural resources.
“For more than fifty years, the gas beneath Ima remained a resource with enormous potential, but potential alone does not create jobs, finance businesses or improve the lives of our people. Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities,” he said.
He added that the government wanted to unlock more gas resources to support industries, increase exports and create jobs.
“The Final Investment Decision on Ima demonstrates what is possible when we provide investors with a competitive, predictable and enabling environment. We are determined to unlock more of Nigeria’s gas resources to power our industries, expand our exports, create jobs and build lasting prosperity for our people,” Tinubu said.
AMNI holds majority interest
TotalEnergies said it would operate the project with a 40 per cent interest, while AMNI holds the remaining 60 per cent.
The company said the development was designed with strong Nigerian participation, with all key contractors being local companies and about 60 per cent of the project workforce expected to come from host communities.
The Presidential Special Adviser on Energy, Olu Verheijen, said the project illustrated the objective of recent reforms aimed at improving the commercial conditions for oil and gas developments.
“Nigeria has never lacked resources. The challenge has been creating the commercial and investment conditions required to move those resources from beneath the ground into projects that employ Nigerians, create opportunities for Nigerian businesses, generate revenues and support economic growth,” she said.
She added that the project would turn a gas discovery dating back to 1973 into an active economic asset.
Fourth major gas FID under Tinubu
According to the Presidency, Ima is the fourth major gas project to reach Final Investment Decision since Tinubu assumed office, following the Iseni, Ubeta and HI projects.
The President’s administration has introduced reforms aimed at improving the fiscal and commercial environment for oil and gas investments, including measures intended to reduce project development costs and shorten contracting timelines.
The Ima development is expected to contribute to Nigeria LNG’s gas supply while supporting local employment, business activity and energy-sector investment.
TotalEnergies also describes the project as a low-cost, low-emissions development, with power supplied from shore, no routine flaring and permanent methane detection and monitoring.