President Bola Tinubu has welcomed the $800 million Final Investment Decision, FID, on the Ima Gas Project, describing it as a major milestone in efforts to unlock Nigeria’s vast gas resources for investment, industrialisation and job creation.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Ima Gas Project is being developed by Nigerian independent oil and gas company, AMNI International, in partnership with TotalEnergies.
The project 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.
The Presidency said the resource has significant reserves and potential to provide feedgas for Nigeria LNG, but remained underground and unable to contribute meaningfully to the economy until the FID announced on September 23.
The Ima project is the fourth major gas project to reach FID since President Tinubu assumed office, following the Iseni, Ubeta and HI projects.
President Tinubu said the development demonstrated the impact of reforms aimed at creating a competitive and predictable environment for investors.
The President said his administration was determined to unlock more of Nigeria’s gas resources to power industries, expand exports, create jobs and build long-term prosperity.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima project demonstrated the importance of creating the commercial and investment conditions required to move Nigeria’s resources from the ground into productive projects.
The project also highlights increasing Nigerian participation in the energy sector, with AMNI International holding a majority interest in the asset.
The Presidency said Nigerian financial institutions have arranged 77% of the project’s financing, while about 60% of the workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State, South-South Nigeria.
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(Editor: Terverr Tyav)
