The Nigerian National Petroleum Company Limited (NNPC Ltd) has welcomed the $800 million Final Investment Decision (FID) on the IMA Gas Project, describing it as a significant milestone in Nigeria's upstream gas sector. This development is expected to boost the country's gas production and supply critical feedgas to Nigeria LNG Limited. The project is located offshore in OMLs 112 and 117 and will be developed by AMNI International in partnership with TotalEnergies.
The IMA Gas Project is expected to produce about 300 million standard cubic feet of gas per day at peak, which will support the Train 7 expansion of Nigeria LNG Limited. This expansion will increase the capacity at the Bonny Island plant from 22 million tons per annum to 30 Mtpa. The FID was made possible by the Presidential Directives of 2024, which provided fiscal incentives for non-associated gas, streamlined contracting, and lowered development costs.
The NNPC Ltd. commended the collaboration between AMNI, TotalEnergies, and the Nigerian financial sector, describing the model of indigenous operator, international partner, and domestic capital as a template for future developments. The company reaffirmed its commitment to work with government, regulators, and industry partners to sustain investment momentum and deploy Nigeria's gas resources for industrialisation, job creation, and long-term prosperity.
Group Chief Executive Officer, NNPC Ltd., Engr. Bashir Bayo Ojulari described the IMA FID as "a decisive vote of confidence in Nigeria's gas sector and in the bold reforms" that have created competitive terms and a predictable investment environment. This development is the fourth major gas project to reach FID under President Bola Ahmed Tinubu, after Iseni, Ubeta, and HI.
The NNPC Ltd. Chief Corporate Communications Officer, Andy Odeh, disclosed the FID in a statement, highlighting the significance of the project to Nigeria's gas sector. The company is optimistic that this development will affirm the growing viability of Nigeria's upstream gas sector and create new opportunities for investment and growth.
The IMA Gas Project is expected to have a positive impact on Nigeria's economy, creating jobs and stimulating growth. The project will also contribute to the development of Nigeria's gas infrastructure, supporting the country's goal of becoming a global gas hub. The NNPC Ltd. is committed to working with stakeholders to ensure the successful implementation of the project.
The FID on the IMA Gas Project is a significant milestone in Nigeria's gas sector, demonstrating the country's potential for growth and investment. The NNPC Ltd. is optimistic that this development will pave the way for future investments in the sector, creating new opportunities for economic growth and development.
Key points
- The IMA Gas Project will produce 300 million standard cubic feet of gas per day at peak.
- The project will support the Train 7 expansion of Nigeria LNG Limited.
- The FID was enabled by the Presidential Directives of 2024, which provided fiscal incentives for non-associated gas.
