$800M IMA GAS PROJECT SET TO UNLOCK GAS RESOURCE DISCOVERED OVER 50 YEARS AGO

President Bola Tinubu has welcomed the Final Investment Decision on the $800 million Ima Gas Project, describing it as a major step towards developing one of Nigeria’s long-undeveloped gas resources. The project, being developed by Nigerian independent energy company AMNI International in partnership with TotalEnergies, is expected to produce about 300 million standard cubic feet of gas per day at peak production and could support industrial activity, job creation and government revenue.

The Ima gas resource is located offshore in Oil Mining Leases 112 and 117 and was discovered in 1973, but remained undeveloped for more than five decades. According to the Presidency, the project had significant potential as a source of feed gas for Nigeria LNG but had not previously attracted the investment required to bring the resource into production. The Final Investment Decision announced on September 23, 2026, is expected to move the development from a long-standing discovery towards actual production.

Tinubu said the development showed the importance of creating conditions that would encourage investors to commit capital to Nigeria's oil and gas sector. He said his administration was focused on using reforms to make the country's resources commercially viable and turn them into projects capable of supporting industries, exports and employment. The President also said Nigeria would continue efforts to develop more gas resources and use them to expand industrial production and economic opportunities.

Special Adviser to the President on Energy, Olu Verheijen, said the Ima project illustrated the purpose of the administration's reforms in the oil and gas industry. She noted that Nigeria had substantial natural resources but needed suitable commercial and investment conditions to move them into production. The administration introduced several presidential directives in 2024 aimed at improving fiscal competitiveness, reducing project costs and shortening contracting timelines, building on the framework established by the Petroleum Industry Act.

The project is also expected to increase Nigerian participation in the energy value chain. AMNI International, a Nigerian-owned exploration and production company, holds a majority interest in the asset, while Nigerian financial institutions have arranged 77 per cent of its financing. About 60 per cent of the workforce is expected to come from host communities, including Bonny, Finima and Andoni in Rivers State. The Ima project is the fourth major gas development to reach Final Investment Decision since Tinubu assumed office, following the Iseni, Ubeta and HI projects.