French oil giant TotalEnergies has announced a decision to invest $800 million in a gas project off the coast of Nigeria. The project aims to develop the Ima gas field, which is expected to start production in 2028 and supply the Bonny liquefied natural gas plant. The investment is a partnership between TotalEnergies and Nigerian company AMNI, with TotalEnergies holding a 40% stake.
The Ima gas field has been discovered nearly 50 years ago but has never been exploited. Once in production, the gas from the field is expected to increase the capacity of the Bonny liquefied natural gas plant from 22 to 30 million tons per year. The project involves connecting the Ima gas field to the Bonny liquefied natural gas plant via a 22-kilometer gas pipeline.
The project is expected to boost Nigeria's oil production, which has been declining in recent years. Nigerian President Bola Tinubu has promised to increase the country's oil production to 2 million barrels per day by 2027. The country's oil production stood at 1.6 million barrels per day in August, up from less than 1 million barrels per day earlier in the year.
TotalEnergies is one of the largest oil producers in Nigeria and a major player in the global liquefied natural gas market. The company's investment in the Ima gas project is expected to create jobs and stimulate economic growth in Nigeria. The project is also expected to help Nigeria to exploit its vast natural gas resources and reduce flaring.
Nigerian President Bola Tinubu has welcomed the investment, saying it demonstrates the potential for growth and investment in Nigeria. He said the project shows that Nigeria can offer a competitive and predictable environment for investors. Tinubu also emphasized the importance of exploiting Nigeria's natural gas resources to drive economic growth and development.
The Ima gas project is a significant investment in Nigeria's energy sector and is expected to have a positive impact on the country's economy. The project is also expected to help to increase Nigeria's gas production and reduce its reliance on oil. TotalEnergies' investment in the project is a vote of confidence in Nigeria's energy sector and its potential for growth.
The project is expected to start production in 2028, with a plateau of 350 million cubic feet per day. The investment is a significant milestone for TotalEnergies and Nigeria, and is expected to have a lasting impact on the country's energy sector.
Key points
- TotalEnergies to invest $800 million in Nigerian gas project
- Project aims to develop Ima gas field and supply Bonny liquefied natural gas plant
- Investment expected to create jobs and stimulate economic growth in Nigeria
