After over five decades of lying undeveloped, the Ima gas field, located in OMLs 112 and 117 off the coast of Rivers State, has finally received an $800 million Final Investment Decision (FID) from AMNI International and TotalEnergies. This project is expected to deliver up to 350 million standard cubic feet of gas per day at plateau and produce first gas by the end of 2028. The development will also supply about one-third of the feedgas required for Nigeria LNG's Train 7 expansion.
The Ima field was discovered in 1973 but remained undeveloped for over 50 years. President Bola Ahmed Tinubu stated that the development showed Nigeria could convert its natural gas resources into investments, jobs, and economic opportunities when the right commercial environment was created. He emphasized that his administration would continue to unlock the country's gas resources to power industries, expand exports, create jobs, and support economic growth.
The project is being positioned by the government as evidence that policy and fiscal reforms introduced in the oil and gas sector are beginning to revive commercially stalled projects. Special Adviser to the President on Energy, Olu Verheijen, noted that Nigeria has never lacked resources, but the challenge has been creating the commercial and investment conditions required to develop them. The project also reflects the increasing capacity of indigenous companies to participate in large-scale upstream developments.
AMNI, a Nigerian independent exploration and production company, holds 60% of the project, while TotalEnergies holds 40% and is the operator. The project is expected to have significant local economic impact, with about 60% of its workforce projected to come from host communities, including Bonny, Finima, and Andoni in Rivers State. Additionally, Nigerian financial institutions are providing about 77% of the project financing, demonstrating increased participation by domestic banks in financing major oil and gas developments.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the FID as a major milestone for Nigeria's gas sector and a strong vote of confidence in the country's energy investment potential. He attributed the development to reforms and Executive Orders approved by President Tinubu to improve competitiveness, strengthen the investment climate, and accelerate project delivery. Ekpo said the project would add substantially to Nigeria's gas production capacity and support the government's objective of using natural gas as a catalyst for industrialization, energy security, and economic growth.
At the FID ceremony in Abuja, NUPRC Chief Executive Officer, Oritsemeyiwa Eyesan, said the development was a product of consistent policy direction and committed partnerships. He pledged that the upstream regulator would continue to remove regulatory bottlenecks confronting investors. TotalEnergies Managing Director, Mathieu Bouyer, said the company's investment of more than $600 million represented confidence in Nigeria's oil and gas industry, projecting that the project could generate between $2 billion and $4 billion in value over its lifetime.
The Ima field lies in 8-10 meters of water offshore Rivers State. The development is the fourth major gas project to reach investment decision under the Tinubu administration, following the Iseni, Ubeta, and HI gas projects. The Federal Government and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have hailed the FID as a game-changer for gas supply and NLNG Train 7, and a fresh vote of confidence in Nigeria's investment environment.
Key points
- The Ima gas field project will deliver up to 350 million standard cubic feet of gas per day at plateau and produce first gas by the end of 2028.
- The project will supply about one-third of the feedgas required for Nigeria LNG's Train 7 expansion.
- Nigerian financial institutions are providing about 77% of the project financing, demonstrating increased participation by domestic banks in financing major oil and gas developments.
