President Bola Tinubu has announced an $800 million Final Investment Decision (FID) by AMNI International and TotalEnergies to develop the Ima Gas Field, a resource discovered in 1973 but left undeveloped for over five decades. The Ima Gas Project is expected to produce about 350 million cubic feet of gas per day at peak. Tinubu stated that the investment marked an early outcome of reforms introduced by his administration to make Nigeria's oil and gas sector more attractive to investors.
The Ima Gas Field development represents the commercialisation of a gas discovery that has remained underground for over 50 years. Tinubu stressed that the government's objective was to move Nigeria's vast natural resources from "potential to production". He mentioned that the decisions taken to reposition Nigeria's oil and gas sector are beginning to bear fruit. Since assuming office, Tinubu has signed a series of Presidential Directives and Executive Orders to make investment in Nigeria more competitive.
One of the reforms introduced specific incentives aimed at unlocking onshore and shallow-water gas projects that had remained undeveloped for years. Tinubu stated that AMNI, a Nigerian company, holds the majority interest in the project, while about 60 per cent of the development workforce is expected to be drawn from host communities. The project is expected to create opportunities for Nigerian engineers, technicians, contractors, and businesses.
The announcement comes amid the Federal Government's broader push to expand gas utilisation and attract investment into Nigeria's energy sector. The State House had previously reported that the administration was seeking to create a more stable fiscal and investment environment for the oil and gas industry. NLNG officials told the President in August that stability in the country's fiscal environment was attracting further investment.
The Ima Gas Field has been associated with Total's Nigerian operations for years, with historical company filings documenting development studies on the field as far back as the late 2000s. Tinubu said the latest FID demonstrated the intended effect of the government's investment reforms. He added that the project would stimulate economic activity in host communities and increase the country's export earnings.
The President stated that the project would create jobs and economic activity in host communities, and more export earnings for the country. Tinubu said, "For Nigerians, this means work for our engineers, technicians and contractors. It means opportunities for Nigerian businesses, jobs and economic activity in our host communities, and more export earnings for our country."
Tinubu concluded that the government's reforms are intended to achieve the goal of moving Nigeria's resources from potential to production and translating them into jobs, incomes, and opportunity for the people. He added that there is more to unlock in Nigeria's oil and gas sector. The $800 million investment in the Ima Gas Field is a significant development in Nigeria's energy sector.
Key points
- President Bola Tinubu announces $800m investment in Ima Gas Field
- Ima Gas Project to produce 350m cubic feet of gas daily at peak
- Project to supply one-third of the gas required for the expansion of Nigeria LNG (NLNG)
