Ima Gas Project Reaches $800m Investment Decision After 53 Years, Tinubu Hails Reforms

President Bola Tinubu has welcomed the $800 million Final Investment Decision on the Ima Gas Project, describing it as proof that his administration’s reforms are unlocking Nigeria’s long-dormant gas resources for industrialisation, job creation and economic growth.

The project, developed by Nigerian independent AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak.

The Ima gas resource, located offshore in Oil Mining Leases 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades despite its potential to supply feedgas to Nigeria LNG Limited.

“Potential alone does not create jobs, finance businesses or improve the lives of our people,” Tinubu said. “Our responsibility has been to create the conditions that turn Nigeria’s natural resources into productive investments and economic opportunities”.

The Ima project is the fourth major gas development to reach FID since Tinubu assumed office, following the Iseni, Ubeta and HI projects.

Special Adviser to the President on Energy, Olu Verheijen, said the project reflects the objectives of the administration’s reforms. “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,” she said.

AMNI International, a Nigerian-owned exploration and production company, holds a majority 60 per cent interest in the asset, while TotalEnergies holds 40 per cent and remains the operator.

Nigerian financial institutions arranged 77 per cent of the project’s financing, with about 60 per cent of the development workforce expected to come from host communities including Bonny, Finima and Andoni in Rivers State.

The project is expected to supply about one-third of the gas required for Nigeria LNG’s Train 7 expansion and is designed as a low-emissions development with an unmanned offshore platform powered from shore, zero routine flaring and permanent methane monitoring.

“Natural resources have value only when they are converted into opportunities for our people,” Tinubu said. “Our goal is to ensure that Nigeria’s gas powers Nigerian prosperity”.