A GAS resource discovered offshore Nigeria in 1973 is set for development after AMNI International and TotalEnergies reached a Final Investment Decision (FID) on the $800 million Ima Gas Project, the Presidency has said.
The Presidency while announcing the development on Wednesday, September 23, said the deal could bring the long-delayed resource in Oil Mining Leases (OMLs) 112 and 117 into production more than five decades after its discovery.
According to the Presidency, the Ima project is expected to produce about 300 million standard cubic feet of gas per day at peak.
It noted that the gas field has remained undeveloped despite its potential to supply feed gas to Nigeria LNG Limited and support other industrial activities.
The project is being developed by Nigerian-owned exploration and production company AMNI International, in partnership with TotalEnergies.
The Presidency said the project is the fourth major gas development to reach FID since President Bola Tinubu assumed office in 2023, following the Iseni, Ubeta and HI projects.
The development comes amid efforts to increase investment in Nigeria’s gas industry, where large volumes of gas resources remain undeveloped.
According to the Presidency, Nigerian financial institutions arranged 77 per cent of the financing for the Ima project, adding that about 60 per cent of the project’s workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State.
The Presidency said the project is expected to support LNG exports, industrial production, fertiliser and petrochemical manufacturing and power generation.
The ICIR reports that Nigeria has one of Africa’s largest natural gas resource bases, but delays in developing fields and infrastructure have limited the extent to which the resource contributes to the economy.
The Ima gas resource was discovered in 1973 but remained undeveloped for more than 50 years.
The Presidency attributed the delay partly to fiscal and commercial conditions that made some oil and gas projects difficult to develop.
It noted that the Tinubu administration introduced presidential directives in 2024 aimed at improving fiscal competitiveness, shortening contracting timelines and reducing costs in the sector.
Special Adviser to the President on Energy, Olu Verheijen, was quoted to have said that the Ima project illustrated the challenge of converting discoveries into producing assets.
“Nigeria has never lacked resources. The challenge has been creating the commercial and investment conditions required to move those resources from beneath the ground into projects,” Verheijen said.
